LONDON, April 2 (Reuters) – The UK government met with European venture capital firms on Wednesday to increase private investment in the country’s defense industry and described the opportunity as “ethical investment” in security on the continent.
Secretary of Defense John Healey attended the meeting and was convened by Venture Capital’s diversification and 111 businesses.
The Defense Department said in a statement reflecting the rising geopolitical tensions, with U.S. President Donald Trump calling on Europe to adopt more protection to protect its own security, and said in a statement that private investment in defense and advanced technology could “help stop British opponents.”
“As countries facing new threats across Europe are stepping up taking more responsibility for our continent’s defense, it’s an ethical investment, and it’s great to see more and more private investors recognise this,” Healy said.
Healey said venture capital firms could help free up billions of pounds of private investment in British technology and defence companies after the UK first described it as a conference of its kind.
“There is no investment that is more important than our European security,” Healy added.
Finance Minister Rachel Reeves said last week that she hopes the country will become a “defense industry superpower” as she adds £2.2 billion ($2.85 billion) to the industry. ($1 = 0.7712 lbs) (Report by Catarina Demony; Edited by William James)
