Nokia is centering its attention on investing in 5G mobile networks this year and is planning to reenter into the mobile phone market that could happen "later."

The Finnish company announced in a press event at the MWC 2016 that it's going big on 5G.

"We are planning to dramatically increase our investment in 5G this year and unleash the power of our massive innovation engine. We are already at the forefront of making 5G a reality and enabling massive capacity and massive connectivity – this is an integral part of our vision," said Rajeev Suri, Nokia's president and CEO, adding that 5G should happen rapidly as cases of Internet of Things (IoT) use need it.

"If we know that 5G can help save lives, improve our environment, and make our lives better, we need to move faster, not slower," he said.

Recently, Nokia acquired France's Alcatel-Lucent at $16.6 billion. Alcatel-Lucent specializes in telecommunications and networking equipment technology. The company said the acquisition of the company would help it produce 5G mobile networks and IoTs. Suri also believes it will put Nokia in a "dramatically different position."

Another big news Nokia announced at the MWC 2016 is its plan in making a comeback in the smartphone market. Just last month, images of a phone rumored to be the Nokia C1 leaked online. Rather than rushing back into the market, though, Suri said the company is waiting for its ideal partner. Earlier, Nokia said it is going to license the Nokia brand to a manufacturer instead of building its phones on its own.

"We don't need to be in a rush," told Suri to TechCrunch. "We will explore this with the right partner or partners."

When Nokia's boss was asked whether or not the company would partner with Foxconn, Suri said he does not know yet. Foxconn works with Apple in creating iPhones. This suggests that the future Nokia smartphones may just go toe-to-toe with Apple's iPhone and other Android flagship smartphones the moment they are going to be released. 

Back in 2013, Nokia sold its mobile making division to Microsoft for $7.2 billion. In early 1990s, Nokia ruled in the mobile world. Its 3210 and 3310 models became among the favorites of a number of consumers throughout the globe. When the iPhone was introduced in 2007, however, the company's popularity started to wane.