Spain Sets Out Plan To Boost Industry
Spain announced a €82.84 billion plan to stimulate growth in its industrial sector over the next five years on Friday, part of its previously announced Sustainable Economy Strategy to revitalize economic growth.
Most of the plan forms part of the 2011 budget, but the government said there were further tax benefits and credit lines which had not been accounted for, without specifying further.
The plan has been backed by labor unions, autonomous regional governments and other political representatives.
The project is consistent with Spain's EU deficit-cutting objectives and aims to refocus industry as the driver of economic growth, creating jobs and increasing competitiveness.
Following are key points announced under the Integral Plan for Industrial Policy 2020:
Industry Competitiveness
• Spending plan totaling €31.3 billion over next five years
• To include further liberalization of electricity and gas markets
• Energy efficiency plans
• Previously announced plans to improve railway systems, including freight lines, as well as ports and customs
Research And Development
• Measures total €7.815 billion
• Says measures aimed at financial support to investigative work, learning and investment in technology
Small And Mid-Size Companies
• Investment seen totaling almost €31.5 billion
• Growth plan to increase average size of companies in sector
• Financial help through credit lines from institutions such as the Official Credit Institute.
Internationalization
• Investment estimated at €2.8 billion
• Official credit institutions to provide funds to improve in this area
• Plan to develop financial markets
• Plan to attract more foreign investment
Strategic Sectors
• Includes car makers, biotechnology, pharmaceuticals, renewable energy and energy efficiency.
• Spending of almost €9.4 billion
