Earlier, analysts suggested that the vast size of the Chinese tech giant’s market share in overseas markets meant that its recently stepped-up efforts to create its own technology ecosystem threatened to cost US tech suppliers billions in revenues in the coming years.

Axar.az reports citing foreign media that Huawei founder and CEO Ren Zhengfei has said that although the company’s phone division would face problems if access to software including Google services was cut off, the company would not only survive but thrive over the long term.

“When the entity list came out, they hoped Huawei would die,” Ren said, speaking to the Associated Press in a report published Tuesday, referring to the US Department of Commerce listing of foreign persons and entities which the US says poses a threat to its national security.

“Not only did Huawei not die, but it is also doing even better,” Ren added, explaining that the export restrictions were forcing the company to trim the fat and focus resources on its most important divisions.

The company said it has revised its forecasts for phone sales downwards over the next two years, projecting $20-$30 billion in reduced revenue.

According to Ren, the company would like to keep using the Android platform and working with US software developers but can switch to its new home-grown HarmonyOS operating system ‘within days’ if necessary.