Business group bosses and industry chiefs have indicated the strategy could help accelerate growth and create more UK jobs.
It came as the Prime Minister, Sir Keir Starmer, told business executives and top investors that the Government would rip up regulation to get projects off the ground if they put funding into the UK.
At the Government’s inaugural International Investment Summit, it launched the industrial strategy in order to help foster a “pro-business environment” across the country.
It said a consultation process will begin on the 10-year plan, with firms having a deadline until November 24 to provide feedback.
A green paper published alongside the launch indicated the Government will focus on eight core areas of the economy, such as the services sector, in order to drive growth.
The chief executive of Microsoft UK, Clare Barclay, will chair a new body, the industrial strategy advisory council, in order to advise the Government over the strategy.
Business and trade secretary Jonathan Reynolds said: “Our modern industrial strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond.”
Business and industry leaders were broadly positive about the announcement.
Tina McKenzie, policy chair at the Federation of Small Businesses (FSB), said: “This is a refreshingly thoughtful approach for UK industrial policy.
“If it’s coupled with a clear pro-small business agenda at the Budget, there will be renewed optimism that the Government can get its growth mission right.
“It will be crucial that the developing strategy is responsive to the needs of the whole supplier base, particularly where the interests of suppliers and their big customers don’t align, and that policy levers are selected that have the reach needed to give a positive business platform for small firms.”
Jonathan Cohen, corporate partner at law firm Ashurst, said: “These measures may just be the catalyst necessary to support greater global confidence for businesses to invest in the UK’s tech, green, energy and life sciences sectors.
“If the Government listens to industry leaders’ concerns, this may turbocharge the UK’s future growth.
“Actions speak louder than words, but this is certainly cause for optimism.”