Spain invests 600 million euros in AI for its economic recovery plan

by bold-lichterman

Spain plans to invest 600 million euros over three years to develop Artificial Intelligence (AI), as part of the plan to revive and transform its economy, Socialist Prime Minister Pedro Sánchez announced on Wednesday. These 600 million euros of public investments will be added to a contribution from the Next Tech fund – which is based on private and public funds – to encourage entrepreneurship in digital technologies, and should make it possible to leverage private investments to up to 3.3 billion euros, Sanchez said.

A vast plan to transform the economy

Public investment will take place over the period 2021-2023, including 330 million in the first year. The development of AI, one of the components of a “Digital Spain 2025” plan launched in July, is above all part of a vast plan to revive and transform the Spanish economy, which is partly financed. by the EU. Brussels has allocated 140 billion euros to Madrid to help it turn around its economy devastated by the Covid-19 pandemic, which will make Spain the second recipient of European funds after Italy.

The national strategy, the head of the Spanish government said, aims to place Spain “At the same level as the countries which are leaders in the research and use of reliable artificial intelligence in the service of economic and social development, in the service of our economic modernization”. The goal for the country is to “Generate an environment of trust around the development of an inclusive, sustainable artificial intelligence that places citizens at the heart of the project”, he added.