The UK Government has committed $5.3bn (£4bn) in new investment to secure the future of the country’s regional shipbuilding industry.
Over the next 30 years, the capital injection will support the delivery of more than 150 new naval and civil vessels.
The funding comes in support of a refreshed National Shipbuilding Strategy (NSbS), which will be published by the UK Ministry of Defence (MoD).
NSbS will highlight the UK government’s plans and strategies to support suppliers, shipyards across the country and increase job opportunities in the shipbuilding sector.
Currently, the UK shipbuilding sector is contributing $3bn (£2.8bn) to the economy by generating around 42,600 jobs.
UK Prime Minister Boris Johnson said: “Shipbuilding has been in our blood for centuries and I want to ensure it remains at the heart of British industry of generations to come.
“The National Shipbuilding Strategy will transform this important and crucial industry, creating jobs, driving technology development and upskilling the shipbuilders of tomorrow, ensuring we are levelling up across every dock, port and shipyard in the UK.
“This will ensure the UK is rightly seen as a shipbuilding power across the world.”
As part of the refreshed NSbS strategy, a new UK Shipbuilding Skills Taskforce will be constituted to address skill gaps in the country to help future shipbuilders. It will be led by the UK Department for Education.
Meanwhile, the UK Department for Transport has also announced to invest $271m (£206m) in the UK Shipping Office for reducing emissions (UK-SHORE).
The UK-SHORE will use the funds for research and development of zero emission vessels and infrastructure to promote green technology.
Investments in clean maritime solutions and port infrastructure will also be included under the UK-SHORE’s strategy.
Furthermore, a Maritime Capability Campaign Office (MCCO) will also be formed within the Department for International Trade. MCCO will help maritime suppliers to secure export orders.