The China Daily says the boss of China Telecommunications Corp. Ltd has confirmed that his company is considering investing in Brazilian telecommunications company Oi SA, Bloomberg reports.

The news agency quotes China Telecom chairman Yang Jie as telling the Chinese state-run newspaper: “We have been actively looking for overseas expansion and have looked at many different projects, including Oi.”

The report says China Telecom disclosed previously that it would invest over US$1 billion over the succeeding 3 to 5 years in expanding its presence in economies covered by the Chinese government Belt and Road initiative.

Two rivals of China Telecom, China Mobile Communications Corp. and China United Network Communications Group Co. Ltd, this year set up subsidiaries in Brazil to pursue business opportunities there, Bloomberg says.