The Council of Ministers has given the green light to the creation of the Spanish Society for Technological Transformation (SETT), a new public entity aimed at managing and coordinating investments in technological innovation. This initiative, promoted by the Ministry for Digital Transformation and the Public Function, seeks to adapt the leadership of the administration to the rapid pace of technological and economic advancement, thereby increasing the added value of the Spanish economy.
SETT replaces the previous mercantile society SEMyS and is configured as an agile and efficient entity that will address the digital transformation of the country in a cross-cutting and structural manner. Its mission is to generate synergies and unify actions around the adoption of disruptive technologies in multiple sectors.
Million-dollar investments for technological transformation
Initially, SETT will manage around 20.000 million euros from three major funds of the Recovery, Transformation and Resilience Plan (PRTR). These funds include:
Perte Chip: With an investment of over 12.000 million euros, this strategic project aims to develop a complete industrial ecosystem in the value chain of semiconductors in Spain. Additionally, it seeks to explore the technological future of microelectronics in the country.
Next Tech Fund: Aimed at boosting public investment in technological projects, with an allocation of 4.000 million euros.
Spain, Europe’s Audiovisual Hub Plan: It will manage more than 1.700 million euros in support of the audiovisual sector, strengthening the financial instruments of the sector.
A change in the administrative action model
SETT will also be responsible for involving high value-added technological sectors and making strategic decisions regarding the Government’s presence and financing in projects with stakes in disruptive technology companies. This integration of financial and technical capabilities will allow for a deeper analysis of technological and digital trends.
The implementation of SETT represents a significant change in the model of action of the public administration, opting for a proactive and collaborative management between the public and private sectors. This collaboration is essential for the implementation and development of future technological sectors in the Spanish economy.
A medium-term vision for transformation
With the creation of SETT, the Government not only seeks to accelerate the digital transformation of the country but also to ensure that it is carried out in a structural and sustainable manner in the long term. The entity will work with a medium-term vision, aligning its objectives with the trends and needs of the global technological market.
SETT thus positions itself as a key player in the digital transformation of Spain, uniting public and private efforts to build a more advanced and competitive economy. With this initiative, the Government reaffirms its commitment to innovation and digitalization as drivers of growth and economic development.