Spanish Prime Minister Pedro Sanchez has expressed his government’s intention to take a more active role in the country’s key industries, aiming to foster new opportunities in areas such as cyber security, artificial intelligence, and defense. In an interview with Bloomberg Television’s Francine Lacqua at the World Economic Forum in Davos, Sanchez emphasized the importance of strengthening collaboration between the public and private sectors to address common challenges.
Sanchez highlighted the state’s investment in telecoms operator Telefonica SA and outlined plans to enhance the defense company Indra SA as examples of the government’s commitment to building stronger partnerships with the private sector. His remarks came ahead of a scheduled meeting with Spanish executives attending the conference, where he aimed to further solidify these relationships.
However, Sanchez’s relationship with the corporate sector has faced criticism during his tenure, particularly due to his alliance with the far-left group Sumar. His recent actions, such as granting amnesty to hundreds of Catalan separatists and proposing an extension of windfall taxes on banks and energy firms, have drawn mixed reactions from business leaders.
Addressing these concerns, Sanchez defended his decisions, attributing them to specific crises and emphasizing the overall positive nature of his relationship with the business community. During his time at Davos, he is set to engage with prominent business figures, including Banco Santander SA’s Chairman Ana Botin and Repsol SA’s Chief Executive Officer Josu Jon Imaz, among others.
The government’s move to purchase a stake in Telefonica SA, in response to Saudi Arabia’s plans to establish a position in the company, reflects a strategic effort to assert influence in key sectors. With the government’s investment vehicle, Sepi, planning to acquire up to 10% of the carrier’s shares, this initiative underscores the administration’s proactive approach to safeguarding national interests.
Sanchez’s pledge to collaborate with business leaders signals a proactive stance aimed at fostering a conducive environment for economic growth and innovation. This commitment comes in the wake of recent government announcements regarding strategic investments in key companies, reflecting a broader strategy to strengthen Spain’s position in critical industries.
