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System.CalloutException: IO Exception: Read timed out?

I have a webservice it runs fine, but it takes a while to get a response because it loads lots of data.

 

when it callout from an apex class from salesforce, it always return

System.CalloutException: IO Exception: Read timed out.

 

Is there a property to set the time out period of the salesforce?

How do we address this problem?