The U.S. ban on Huawei will not affect company development in high technologies, particularly in the 5G sector, said Ren Zhengfei, founder and CEO of Huawei Technologies Co., Ltd. on Tuesday.

Ren made the remarks after the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce put Huawei and its affiliates on an "Entity List," which would restrict the sale or transfer of U.S. technologies to the company.

Apart from bringing HD content, 5G will benefit the whole society, said Ren, adding that Huawei's 5G technology would significantly reduce the cost of the global telecom network construction including in Europe.

As of May 10 this year, Huawei has signed 42 5G commercial contracts with telecom operators across the world and shipped out 100,000 5G base stations.