The UK government and aerospace and defence giants, Lockheed Martin, has announced it will work together under a new Prosperity Framework, The Manufacturer reports.
The agreement will see both entities combine in order to identify new opportunities to produce more value to the UK and Lockheed Martin.
This £38mn ($49.5mn) investment will create and develop original ideas and technologies, in addition to strengthening supply chains and aiding the growth of advanced manufacturing and technology sectors.
“Lockheed Martin’s commitment clearly demonstrates how they view the UK as a top country to work with, with our world-class defence industry, supported by powerhouse universities and a wealth of high-tech and innovative small businesses,” Defence Minister, Guto Bebb said.
“As we look to our post-Brexit future, it is crucial that we create, develop and strengthen our relations with international partners across defence. Foreign investment in defence stimulates robust growth across a host of sectors in the British economy so this should be at the forefront of our international aspirations.”
It is anticipated that this new venture will enable the UK economy to enjoy substantial benefits to the wider defence, aerospace and space sectors.
“We greatly value our partnership and see this agreement as a way to strengthen our relationship and help the UK to prosper,” said Rick Edwards, Executive Vice President for Lockheed Martin International.
“Our expertise in developing new technology like autonomous systems and exploring new frontiers like space will be invaluable in helping the UK to be a world leader in defence and aerospace.”
US-based Lockheed Martin has been a partner in UK Defence for almost 80 years.
The firm helps support 1,000 suppliers and 10,000 jobs by contributing £1bn ($1.3bn) to the economy every year.