Prime Ministers Office 10 Downing Street
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- Prime Minister to meet Estonian business leaders tomorrow as he continues his international drive to support growth at home.
- Estonian defence startup Frankenburg Technologies to open new UK headquarters in boost for British jobs.
- UK defence industry major driver of growth in the UK, supporting 1 in 60 jobs across the country.
An Estonian tech start up manufacturing low-cost air defence missiles is expected to open a new UK headquarters, delivering on the Prime Ministers Plan for Change.
Defence company Frankenburg Technologies is planning to open a new office in London initially employing upwards of 50 people, in a boost for the UK defence sector.
Specialising in the manufacture of low-cost air defence missiles, the rapidly growing company already collaborates closely with the UK defence industry, sourcing a significant portion of its subsystems locally, including from propulsion specialists Roxel in Worcestershire.
The Prime Minister will meet the founder of the business, Taavi Madiberk, as part of a business breakfast in Tallinn tomorrow morning [17 December 2024].
Delivering on his Plan for Change to boost jobs across the UK and put money back in the pockets of hardworking people, the Prime Minister will meet business leaders from major Estonian players and market disruptors, including Bolt, Nortal, Starship Technologies, Cachet, Skeleton Tech, Frankenburg Technologies, Salv, LHV Group, Pipedrive and Veriff.
Frankenburg Technologies, which already has a footprint in Estonia, Latvia, Lithuania and Ukraine, will invest 50 million into the UK for research and development into low-cost rocket motors.
It comes after the Business Secretary last week held a roundtable as part of this Governments pro-growth, pro-business approach to realise the economic potential of the defence sector and change perceptions of it among investors ?which is?essential to kickstarting?economic?growth and provide greater?investment across the UK.
Prime Minister Keir Starmer said:
Frankenburg Technologies vote of confidence in the UK is another signal that our plan is working, which is why I am focused on how we can continue to make the UK a magnet for foreign investment, greater growth and innovation.
Estonia is an incubator of innovation, while the UK is a launchpad for global growth, and I believe closer collaboration between our countries will deliver for hardworking British people for years to come.
Supporting more than 400,000 jobs up and down the country, the UK defence industry is vital to my Plan for Change, both underpinning our foundation of security and driving growth.
The tech start up is another example of how the rapid development and procurement of low-cost military equipment is supporting Ukraines fight against Russias barbaric invasion and transforming the European defence industry. The companys mission is to develop missile systems that are ten times more affordable and a hundred times faster to produce.
The UK defence industry is a major driver of growth in the UK, supporting 1 in 60 jobs through 434,000 good, well-paid roles across the country.
Estonia is renowned as a tech start-up hub, with the largest number of unicorns and highest level of venture capital investment per a head in Europe.
Many of the companies the Prime Minister will meet tomorrow, such as Wise, LHV, Pipedrive, Nortal, Bolt and Starship Technologies have shown how expanding to the UK is an important step in these companies path to global growth.
Following breakfast with Estonian business leaders, the Prime Minister will attend the Joint Expeditionary Force summit, joining leaders from the Nordics and Baltics to discuss support for Ukraine, the sustained threat posed by Russia and wider European security.
He is then expected to visit British forces serving in the region to det