Huawei Technologies Co has scored another victory in the global race toward commercializing fifth-generation mobile communication technology, after the Chinese telecom equipment maker's 5G-ready products won official approval for commercial use in Europe.

The move came as tech players around the world are scrambling to commercialize the technology, which can allow consumers to download an 8-gigabit movie in seconds and execute tasks that were beyond their reach in the 4G era, such as self-driving cars.

The Shenzhen-based company said in a statement that it has obtained the world's first CE type examination certificate, or TEC, for 5G products, which "represents a significant step toward realizing large-scale commercial 5G deployment".

CE marking is compulsory for products imported to and sold within the European Economic Area. It is regarded as a stamp of approval for entering the European market.

This is the latest progress Huawei has achieved in the research and development of the superfast technology. The company started research on 5G products in 2009, and has invested at least $600 million in related research since then. It has also built 11 5G research centers across the world.

Huawei's net profit grew by 28 percent to 47.5 billion yuan ($7.6 billion) last year.

In February, Huawei unveiled its first 5G chipset compatible with global telecom standards, as part of its effort to reduce reliance on US semiconductor giant Qualcomm Inc.

The move is also part of China's broader push to lead in 5G, a technology that is estimated to drive 6.3 trillion yuan of economic output in the country by 2030, according to a report by the China Academy of Information and Communication Technology.

The country is rushing to finish its own series of 5G trials. China has already established the world's largest 5G test field in Beijing's Huairou district, where domestic firms and a string of foreign tech companies are participating in China's third phase of 5G research and development tests.

Xiang Ligang, CEO of telecoms industry website Cctime, said 5G is just a few steps away from commercial use, with companies fighting each other to establish a beachhead in the technology.