Ericsson and China Mobile signed a framework agreement to develop Internet of Things (IoT) opportunities in industry and enterprises.

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The partnership signed by Ericsson Market Area North East Asia Head, Chris Houghton, and China Mobile Vice President Li Zhengmao is aimed at assisting China Mobile to expand IoT business worldwide, and to support China’s One Belt One Road initiative.

Ericsson CEO Borje Ekholm and China Mobile Chairman Shang Bing were present at the signing ceremony in Barcelona.

Ericsson and China Mobile will build an Industry IoT Cooperation Center to plan for and develop IoT Connectivity and IoT ecosystem solutions in areas such as manufacturing, industry, health, and intelligent transportation.

There will be more than 30 billion connected devices by 2023, around 20 billion of which will be related to IoT. Connected IoT devices are expected to increase at a compound annual growth rate 19 percent between 2017 and 2023, Ericsson Mobility Report predicts.

The companies will jointly develop 5G network-enabled use cases for industries, as well as exploring business opportunities to reach the full potential of IoT.