Madrid, July 16, 2024.- The Council of Ministers approved, on the proposal of the Ministry for Digital Transformation and Public Function, the Royal Decree for the transformation of the mercantile society SEMyS into the Spanish Society for Technological Transformation (SETT) together with the statute of the new entity. The SETT is a Public Business Entity that will manage and coordinate public investments in the areas of technological innovation, adapting the leadership of the administration to the speed that marks the pace of technological and economic progress.

With its creation, the Government expands the capacities to address the challenge of digital transformation with an agile administrative agent. In the imminent operational start of the SETT, the new company will orient its management to the generation of synergies, the unity of action and the medium-term vision to transform the Spanish economy in a transversal and structural way by incorporating disruptive digital technology in many sectors. Initially, it will manage nearly 20 billion euros from three large funds of the Recovery, Transformation and Resilience Plan (PRTR).

Specifically, it will integrate the competences of the Perte Chip, the largest of the 12 strategic projects promoted by the Government, which promotes in Spain an industrial ecosystem throughout the value chain of semiconductors and also aims to exercise prospective action towards the technological future of microelectronics in our country employing more than 12 billion. It will also manage the EUR 4 billion of the Next Tech Fund, aimed at boosting public investment in technology projects, and more than EUR 1.7 billion of support to the audiovisual sector corresponding to the financial instruments of Plan Spain, Audiovisual Hub of Europe.

In addition, the new company will involve the technology sectors of high added value and will make the decisions of presence and financing of the Government of Spain in projects with participations in strategic and disruptive technology companies. In this way, the SETT combines under the same entity the financial detection capacities of the sectors of the most future and the technical capacities that allow to analyze the technological and digital trends. The implementation of the SETT thus implies a change in the model of action in the administration, promoting a proactive action that promotes the implementation of these sectors of the future in the Spanish economy through public-private collaboration.