The Spanish government outlines six strategies to work on following financial injection from the European emergency fund. They will create economic growth, new jobs and a stronger international competitive position.
These six strategies are: an incentive plan for the use of electric cars, the further development of green hydrogen energy, investments in aerospace, the development of more sustainable and efficient agriculture, investment in artificial intelligence and high-quality healthcare. In addition to investing the money from the European emergency fund, Spain wants to work together with private parties to fulfill an international role setting an example as a leader with ambitious projects.
Collaboration with the business community
For the implementation of the mapped out recovery route, the Spanish government is counting on private investments providing quadruple the public investment. For example, Seat, Volkswagen and Iberdrola will jointly supply the batteries for electric cars. In addition, Volkswagen announced it is willing to invest €5billion in the production of electric cars together with the Spanish government. In turn, the government invests in subsidies (up to €7,000) for private individuals when purchasing an electric car, the so-called Moves plan.
Sustainable and transparent agriculture
There is no detailed information on the modernisation of the Spanish economy. However, the six strategic areas could be expanded to a maximum of ten. The modernisation of the agricultural and food industry aims to stimulate sustainability, competitiveness, process digitisation, transparency and food safety.
The State Secretariat of Digitalisation and Artificial Intelligence announced the future plan will focus on innovation, technological talent development and the integration of innovative technology in the production processes of companies.
With regard to the aerospace plans, consideration will be given to the development of the drone industry. For that, the government is in contact with companies such as Airbus and Indra. The focus is also on research and development for low-emission and even emission-free aviation.
Renewable energy storage
The Ministry of Ecological Transition announced it is working on a strategy for innovative sustainable energy sources. Examples are hydrogen energy and storage options for sustainably generated energy, for which mega batteries must be developed. The possibility is being investigated of using pump systems to transform reservoirs into storage places for energy. At times of energy surplus, water is pumped to higher ground. Conversely, in the event of an energy shortage, the pumped water can flow back, driving generators that supply energy.