20,000 million, to technological investments via the new SETT

He Ministry for Digital Transformation and Public Service will create the State Society for Technological Transformation (SETT), a Public Business Entity with similarities to the SEPI dedicated to the management and coordination of public investments in the fields of innovation and new technologies.

The minister José Luis Escrivá made the announcement during his participation in the opening day of the Mobile World Capital (MWC), and has explained that the creation of the SET It is “one more step in the ambitious process of technological transformation that Spain is leading, which will allow the creation of synergies between the different initiatives in cutting-edge technological fields, acting as a single interlocutor with the main national and international, public and private agents, and taking even better advantage of the country's competitive advantages.”

The SET will bring together under its direction existing initiatives such as the LOSS Chip, endowed with 12,000 million euros for semiconductors and microelectronics; the background NextTech, with 4,000 million euros to invest in companies with a high component of technological innovation, or the fund of the Hub Audiovisual, with 1.7 billion euros for companies in this sector. This will allow it to have an initial investment capacity of almost 20,000 million euros focused on the main areas of cutting-edge technology.

The creation of the SETT will allow reinforce technological sovereignty strategic in areas such as chip design, los new materials o to investment in technologies with greater capacity for impulse and traction over the rest of the economy. It will also accelerate the adoption of technologies with greater potential to improve productivity and boost growth in the medium and long term; will promote the public sector transformation, incorporating specialized technological talent; will improve the analysis capabilities of trends in a sector in which the speed of change is increasingly intense, and will encourage public-private collaboration, promoting and consolidating the Spanish digital ecosystem through strategic dialogue.

SETT functions

To achieve its objectives, the Ministry for Digital Transformation and Public Service has summarized the main capabilities and responsibilities of the SET:

He will be in charge of promotion and execution of investments in strategic sectors linked to digital transformation, in particular telecommunications, semiconductors, digitalization or the audiovisual sector. To do this, it will identify strategic sectors and projects, develop analytical and financial capabilities for investment in technologically innovative companies and evaluate the technological and economic-financial feasibility of the projects.

It will group together the State's shares in high technology, telecommunications and digitalization sectors to seek synergies with the aim of promoting technological transformation.

It will support companies with activity in Spain, regardless of their size and capital ownership, that commit to carrying out technological projects in the digital field and emerging sectors related to digitalization, through the granting of credits, the taking of shares or other minority participations representing the social capital or the granting of subsidies, among other forms of support.

It will integrate the current State Society of Microelectronics and Semiconductors (SEMyS) to give a boost to the Strategic Project for the Recovery and Economic Transformation of Microelectronics and Semiconductors (PERTE Chip) through the processes of participation and enhancement of the Spanish semiconductor industry in the different European and international programs, particularly in the field of design, skills development, pilot lines or manufacturing, especially the coordination of actions related to the Chips Act of the European Union.

Will pay business, consulting, technical assistance or construction and infrastructure management services related to the semiconductor industry.

You will have a team specialized in investment operations, capitalizing and consolidating truly transformative projects in the technological field, and, in particular, in venture capital aimed at promoting investment in startups or scaleups with a substantive component of technological innovation with high traction capacity for the rest of the economy.

will attract investors and technological knowledge in public-private collaboration to generate industrial capabilities in strategic sectors.

will act with financial and promotional measures related to the planned actions in the audiovisual sector, with the preferred objective of turning Spain into a pole of attraction for the industrial production of content and improving the competitiveness of this entire cultural industry.