UK Defence Procurement Minister Guto Bebb, who stepped down from his position yesterday, announced a new prosperity framework between the government and aerospace and defence company Lockheed Martin.

Under the prosperity framework, the government and Lockheed will work in collaboration to identify new opportunities that would help generate value both to the country and the company.

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The framework has been designed to support the development and exploitation of the latest ideas and technologies, strengthen supply chains, and support the advancement of manufacturing and technology sectors.

These capabilities will help strengthen the UK defence sector, generating and sustaining high-level technology jobs and skills in major industries, and bolstering the broader economy of the nation.

Lockheed Martin International executive vice-president Rick Edwards said: “We greatly value our partnership and see this agreement as a way to strengthen our relationship and help the UK to prosper.

“We greatly value our partnership and see this agreement as a way to strengthen our relationship and help the UK to prosper.”

“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.”

Furthermore, Lockheed Martin’s investment of £38m will help support opportunities for potential collaboration across defence and commercial sectors, including autonomous systems, space, artificial intelligence, cyber security, electronic warfare and underwater technologies.

The prosperity framework will focus on initial objectives, which include activities to assist local firms to understand Lockheed’s business and technology roadmaps. This will enable the companies to contribute to the Lockheed Martin programmes across the globe.

Under the collaboration, the two parties will also aim to improve the performance, resilience and competitiveness of UK supply chains, in addition to supporting the company’s work with the UK Space Agency.

Lockheed Martin intends to make a £13m investment to develop launch and small-satellite capabilities.