The Ministry for Digital Transformation and Public Service will create the State Society for Technological Transformation to lead public investment in innovation
25/02/2024
He will bring together under his direction initiatives such as the PERTE Chip, the NextTech Fund or the Audiovisual Hub fund. It will promote synergies and coordination between projects and will have staff specialized in technical and financial analysis to develop operations with a medium- and long-term vision. It will group the State’s participations in private actors of high technology, telecommunications and digitalization.
The Ministry for Digital Transformation and the Civil Service will create the State Society for Technological Transformation (SETT), a Public Business Entity dedicated to the management, leadership and coordination of public investments in the fields of innovation and new technologies.
Minister José Luis Escrivá made the announcement during his participation in the inaugural day of the Mobile World Capital (MWC), and explained that the creation of the SETT is “one more step in the ambitious process of technological transformation that Spain is leading, which will allow to create synergies between the different initiatives in the cutting-edge technological fields, act as a single interlocutor with the main national and international agents, public and private, and take even better advantage of the competitive advantages of the country”.
The SETT will bring together under its direction existing initiatives such as the PERTE Chip, endowed with 12 billion euros for semiconductors and microelectronics, the NextTech fund, with 4 billion euros to invest in companies with a high technological innovation component or the fund of the Audiovisual Hub, with 1.7 billion euros for companies in this sector. This will allow you to have an initial investment capacity of almost 20 billion euros focused on the main areas of cutting-edge technology.
The creation of the SETT will allow to strengthen strategic technological sovereignty at a time of great international competition in areas such as chip design, new materials or investment in technologies with greater impulse and traction capacity over the rest of the economy; it will also accelerate the adoption of technologies with greater potential for the improvement of productivity and the promotion of growth in the medium and long term; it will promote the transformation of the public sector, incorporating specialized technological talent; it will improve the capabilities of trend analysis in a sector in which the speed of change is increasingly intense; and it will promote public-private collaboration, promoting and consolidating the Spanish digital ecosystem through strategic dialogue.
SETT functions
To achieve the objectives described above, the SETT will have the following capabilities and responsibilities: