Addressing the national security risks posed by certain types of outbound investment
Updated 21 June 2023
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As the Prime Minister and President Biden have set out in the UK-US joint statement on 8 June 2023, we have a shared objective in preventing our companies’ capital and expertise from fuelling technological advances that will enhance the military and intelligence capabilities of countries of concern.
The Department for Business and Trade (DBT) will lead, alongside other relevant departments, engagement with business and financial stakeholders to develop our evidence base to enable us to assess the potential national security risks posed by outward direct investment (ODI). This work will inform how the UK can best calibrate its actions to respond effectively to these risks.
As set out in the Integrated Review Refresh, His Majesty’s Government (HMG) is also establishing an economic security public-private sector forum in which to discuss the UK’s economic security policies with businesses and to ensure their feedback is taken into account as these policies are further developed.
HMG’s work on ODI will be complemented by the consultation on updating our export control regime to tackle sensitive technology transfers and our work with international partners to make multilateral controls more effective.
We remain an open and outward-looking economy. The UK’s openness to trade and investment remains fundamental to our long-term prosperity. In tandem, we must strengthen our economic security as a priority. Getting this right is essential: it will help us create a more prosperous economy for future generations.