Bosses for some of the world's largest telecom companies have pledged to help the world out of recession by creating 25 million jobs, but only with less regulation and allocation of the required spectrum.
According to reports, a letter sent to the G20 leaders of the world's leading economies said companies like Nokia and Ericsson were willing to spend $550 billion (376 billion) on new mobile broadband networks in the next five years.
The initiative is spearheaded by trade body the GSM Association, and according to Reuters, telecom companies were looking to invest rather than look for a bailout a sharp contrast with the banking sector that has been the main focus of the G20 summit.
The industry said that by investing in mobile broadband it could stimulate growth by connecting millions to the internet, especially in less developed countries.
However, the 25 companies that signed the letter, which also included Orange and AT&T, said that they would only invest with a more stable regulatory environment and fairer spectrum prices.
The letter said: "The business case for mobile broadband is highly dependent on regulatory policies. In recent times, we have experienced a trend of increasing regulatory intervention, often where this is not appropriate."
