Ruling out major supplier of 5G infrastructure could increase investment costs by up to 95 million euros (118 million U.S. dollars) a year for Portugal, and cut its GDP in 2035 by up to 1.1 billion euros (1.3 billion dollars), according to a recent report.

Restricting major participant in the 5G competition -- mainly between Ericsson, Huawei, and Nokia -- will deprive up to 1.4 million Portuguese of their access to 5G until 2023, a report published last month by Oxford Economics showed.

5G services and associated activities can have a stimulus impact of 3.7 billion euros (4.4 billion dollars) in GDP for Portugal, and help create around 127,300 jobs, according to the well-established consultancy's report.

The Portuguese government has said that it will not exclude any company from the commercial market, which will make its own decision based on the European Union rules.