British High Commissioner to Bangladesh Sarah Cooke.File Photo

DHAKA, June 24, 2025 (BSS) – British High Commissioner to Bangladesh Sarah Cooke has said that the United Kingdom’s newly launched Industrial Strategy is expected to further deepen the already robust economic partnership between the UK and Bangladesh.

“The UK’s modern Industrial Strategy is our ten-year plan to strengthen infrastructure, reduce costs for businesses, and simplify regulation,” Cooke said, marking the formal launch of the strategy in London, according to a press release issued by the British High Commission here today.

The new strategy, unveiled by British Prime Minister Keir Starmer on June 23, outlines a decade-long plan aimed at making the UK the most attractive destination for global business by boosting investment, creating high-quality jobs, and fostering industrial innovation.

The updated policy approach will create new opportunities for collaboration in trade, investment, and innovation across high-potential sectors.

Key components of the strategy include slashing electricity costs by up to 25 percent from 2027 for electricity-intensive manufacturers, particularly in growth and foundational sectors to bring UK energy prices more in line with major European economies.

The British government also announced expanded financial backing for innovative businesses, particularly small and medium-sized enterprises (SMEs), by increasing the British Business Bank’s capacity to 25.6 billion pounds. 

An additional four   billion pounds will be directed toward Industrial Strategy sectors, leveraging billions more in private capital through venture funds.
The strategy pledges to reduce the regulatory burden on businesses by cutting administrative costs by 25 percent and streamlining the number of regulatory bodies. 

Additionally, the UK aims to boost annual R&D (research and development) spending to 22.6 billion pounds by the fiscal year 2029–30, with dedicated funding of over two billion pounds for artificial intelligence and £2.8 billion for advanced manufacturing.

To attract elite global talent in key industries, the UK government will introduce visa and migration reforms, supported by a new £54 million Global Talent Fund and a Global Talent Taskforce.

The industrial strategy focuses on eight high-growth sectors where the UK has existing strengths: Advanced Manufacturing, Clean Energy Industries, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, and Professional and Business Services.

Each sector will have a bespoke 10-year roadmap aimed at drawing investment, accelerating growth, and generating well-paid, sustainable employment.

The press release said British Prime Minister Keir Starmer termed the new strategy a “turning point” for Britain’s economy.

“This Industrial Strategy marks a turning point for Britain’s economy and a clear break from the short-termism and sticking plasters of the past,” Starmer said.

“In an era of global economic instability, it delivers the long-term certainty and direction British businesses need to invest, innovate and create good jobs that put more money in people’s pockets,” he added.

He emphasized that the plan will eliminate growth barriers, enhance the country’s competitiveness, and reinforce the UK’s role as a global economic leader.

“Our message is clear – Britain is back and open for business,” said the British premier.