Cabinet Office
Todays theme is defining dynamism amid global shocks.
And there could be no more apt place to discuss dynamism than Saudi Arabia.
The pace of change in the Kingdom is dizzying:
Asserting global leadership from the Gulf
rocketing up the rankings for ease of doing business
leapfrogging the worlds largest economies
embracing technological change
and transforming an economy fuelled by oil into one powered by renewables
making Vision 2030 not just a vision, but a reality.
That is true dynamism: embracing change, and leading the charge.
With your megacities and giga-projects, Saudi is not just adopting clean technologies but pioneering them
delivering solutions that we will all be using in the future.
So Thats why the UK is proud to partner with you in a huge array of areas, such as financial services, clean energy, urban regeneration, academia, defence, sports, e-gaming and more.
Truly a partnership for the future.
AGE OF SHOCKS
But we do so in a world where shocks have become the new norm.
We rightly refer to them as global shocks because their impact ripples from the epicentre right across our planet.
The great financial crisis the Covid pandemic Russias invasion of Ukraine
Record temperatures and devastating natural disasters
and, of course, the brutal strike into the heart of Israel by Hamas terrorists just two weeks ago
the very worst of humanity.
Thousands of people have died horrifically unnecessarily.
Tens of thousands more are injured, or are in mourning.
And millions are now living in fear of the consequences.
This has caused untold misery and has led to deep, widespread insecurity.
And we stand with all innocent victims of this conflict.
Urging respect for international humanitarian law
And for parties to take every possible step to avoid harming civilians.
And we welcome ongoing efforts to open up humanitarian access to Gaza
we have pledged millions extra in aid
and we remain committed to the two state solution.
Britain stands together to reject terror, hate and prejudice.
and to reset the path to peace and long-term stability.
TRADITIONAL SECURITY
And as the Deputy Prime Minister of the United Kingdom, the Prime Minister has tasked me personally to drive cross-Government resilience towards shocks of all kinds.
Understanding the nature of the threats we face today
and scanning the horizon to predict the threats we may face tomorrow.
The first duty of every government is to protect their civilians.
Of course, our first line of defence is always our armed forces.
Those brave men and women are our resilience personified.
And the UK and Saudi Arabia have a proud partnership in security which stretches back into our history
sharing intelligence, exchanging military hardware, training alongside one another
and continuing into the future with our world-leading Typhoon jets.
ECONOMIC SECURITY (AND TECH SHOCKS)
But increasingly, the ripples of recent global shocks
reverberate in an economic sense
disrupting supply chains driving up energy prices and causing food shortages.
And it on this economic front, where I am leading the UKs charge to be out in front, in terms of our resilience
developing and retaining critical domestic capabilities
screening investment into UK companies
protecting Government procurement from national security threats
and better understanding our supply chains.
As we scan the horizon, we see that rapid technological advancements will only make this task more urgent.
Weve had a glimpse into this future
with cyberattacks bringing public services to a halt
and ransomware wiping millions off companies share prices.
Deepfakes have duped consumers
bots have interfered in elections
and intellectual property has been stolen from businesses and academic institutions.
Now so far, these have been relative skirmishes
wrought by an unholy alliance between hostile states and non-state actors.
But with the enormous potential of artificial intelligence and quantum computing
there is a very real possibility that the worlds next shock will be a tech shock.
And so next week the United Kingdom will be convening the worlds leading nations and pioneering AI companies for the first global frontier AI safety summit.
These emerging technologies represent exciting opportunities.
they exist at the cutting edge of development, often yet to be commercialised and with unknown end applications
But we also know that hostile state actors are actively seeking these technologies for their own competitive advantage
or even to enhance their military capability.
And the most valuable commodities to both businesses and nations are increasingly the source code the technical designs or other - intangible - intellectual property that underpins innovation.
Where they have a military or dual-use application, traditional means of controlling these transfers are often simply not enough.
These Intangible products can now be exported in a second - attached to an email
.with no customs official to check any documentation
nor a list of multilaterally agreed product categories to check against
because these technologies have only just been invented
often in small university spin-outs, rather than the established defence contractors used to working with Government.
This dynamism in the tech sphere, must be met with dynamism within Government.
Now I know that Dynamism and Government, not, perhaps, two words which you often put together
But we cannot afford not to be
This is why I am reviewing our tools to ensure they are fit for purpose:
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Examining our export regime controls, to ensure that it is striking the right balance for emerging technologies relevant to national security
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Exploring other paths through which this sensitive technology can leak out unchecked such as through outbound investment flows
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And working with academic institutions and start-ups to ensure they are alert to the risks, and have the toolkit to protect themselves.
We need to build a policy environment that provides the private sector with the confidence to innovate
Confidence to build partnerships
Confidence to grow.
Economic security should never be seen as a constraint on growth.
It is an enabler of it.
UK-KSA ECONOMIC PARTNERSHIP
So just as allies work together on physical security, so we need to work together to build economic security.
Just as important as the collaboration between nation states is the partnership between Government and business.
Which is why, earlier this year, we established the National Protective Security Authority within MI5 - so that our security services can support business in understanding and protecting themselves against the threats they face.
The partnership between the UK and Saudi Arabia is a fine example of the collaboration we need.
We made the green finance deal made last year - ensuring we protect our energy needs for the future
Weve made an agreement on critical minerals this year - enhancing our collaboration and exploring new sources of supplying these elements that are so vital to our future prosperity and national security.
And through to next year I will personally be prioritising building the bond between our two kingdoms.
So today I can announce that I will be leading a new strand of engagement with the Kingdom of Saudi Arabia to enhance our cooperation and mutually-beneficial investment relationships, building on similar relations across the gulf.
The partnership between our kingdoms has helped to shape the world we live in, and will be a linch-pin of shaping the future through to 2030.
But just as important as the collaboration between nation states, is the partnership between government and business.
So I will be Chairing a new Public-Private Forum between Government and business on economic security challenges with the first meetings later this year.
And I want to be very clear to all of you, that my door is always open to investors to discuss our economic security agenda.
And our first task when Prime MInister Rishi Sunak was to restore the predictability and stability that investors so cherish in the United Kingdom.
Our task now is to drive growth, jobs, prosperity and investment. And I know that the Kingdom of Saudi Arabia will be a key partner in that mission.
PROSPERITY AGENDA
But we should also never underestimate how much our peace, stability, and resilience to shocks are underpinned by our prosperity.
A strong, growing economy doesnt just allow you to invest in your armed forces.
it also allows you to deliver for your people
it is a signal to the world that you are a serious partner and a key player.
Those who will succeed in this age of uncertainty, as new economic powers vie for pole position
are those with the fastest-growing, most vibrant, dynamic economies.
And