The Minister of Digital Transformation and the Public Service, José Luis Escrivá, announced this Monday in Barcelona the creation of the Spanish Society for Technological Transformation (SETT), which will bring together all investments in technological matters.
In an intervention before the press within the framework of the MWC technological event, Escrivá explained that he will take the urgent processing of the creation of this new company to the next Council of Ministers and that the objective is to have it up and running in two or three months.
This new public business entity will start with an investment mobilization capacity of 20,000 million euros. The vehicle will be called SETT: Spanish Society for Technological Transformation.
The announcement comes when the Government finalizes the entry of the State into Telefónica. Regarding this possibility, the minister has indicated that “Telefónica makes sense to fit into this area but it is something that we will see over time.” In a statement, the Ministry of Digital Transformation explained that some of the functions are to “group the State’s participation in high-tech, telecommunications and digitalization sectors to seek synergies with the aim of promoting technological transformation.”
From Mobile, the minister said that “we need to reinforce technological sovereignty from a strategic point of view after the pandemic and the war.” Escrivá has said that he hopes that the new company will be up and running in two or three months.
“The public sector must play a fundamental role,” he said before adding that he will work on a “co-investment” model with the private sector.
The new society will be born by absorbing initiatives such as the PERTE Chip, the NextTech Fund or the Audiovisual Hub fund.
