Sánchez underlines the Government's commitment to ecological transition, reindustrialisation and innovation as drivers of the economy

Sagunto (Valencia)

The President of the Government, Pedro Sánchez, accompanied His Majesty the King at the laying of the first stone of the Volkswagen Group's battery gigafactory in Sagunto, Valencia. The meeting was also attended by the Minister for Industry, Trade and Tourism, Reyes Maroto, and the Minister for Science and Innovation, Diana Morant.

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The chief executive highlighted the project as an example of the government's commitment to ecological transition, reindustrialisation and innovation as the driving forces of the Spanish economy.

"The factory that will be built here exemplifies the government's commitment to innovation and sustainable mobility. It is a sign not only of our commitment to industry, but also to the characteristics that define an entrepreneurial nation in the global market: innovation, territorial cohesion and public-private collaboration", stressed Pedro Sánchez at an event that was also attended by the Minister for Industry, Trade and Tourism, Reyes Maroto, and the Minister for Science and Innovation, Diana Morant.

Pool Moncloa/Fernando Calvo

The laying of this first stone in Sagunto is the first step for a gigafactory that will contribute to reducing CO2 emissions by two million tonnes per year, and will generate a significant socioeconomic impact on the Valencia Region by creating 3,000 direct jobs and around 12,000 indirect jobs, in a clear demonstration of public-private collaboration and a commitment to social and territorial cohesion to ensure equal opportunities for all citizens.

"This gigafactory will help to guarantee the future of the Spanish automotive industry, which represents 8% of our GDP and employs almost two million workers", said the President of the Government, who highlighted Volkswagen's commitment to build the first large-scale Spanish battery and cell assembly factory in Sagunto.

Pool Moncloa/Fernando Calvo

Promoting sustainable mobility through electric vehicles

The chief executive highlighted the government's investment effort to promote a model of ecological and digital transition associated with sustainable mobility. The Recovery Plan is earmarking more than €13 billion for the decarbonisation of the sector, in line with the objective of reaching a fleet of five million electric vehicles by 2030.

In this regard, Pedro Sánchez stressed the government's firm commitment to electric mobility, through actions such as the Strategic Project for the Electric and Connected Vehicle (PERTE VEC), aimed at strengthening the value chains of the automotive industry, and the Plan Moves, which promotes the purchase of electric vehicles and the deployment of recharging points.

"We are going to continue to encourage the demand for electric vehicles and, to this end, we are also going to further speed up and facilitate the installation of recharging points on the state's road network", said the President of the Government, who this Thursday will announce measures to improve and extend MOVES in his meeting with representatives of the automotive sector.

Pool Moncloa/Fernando Calvo

Confidence for foreign investors and greater strategic autonomy

Pedro Sánchez has highlighted the Sagunto gigafactory project as proof of the confidence in the Spanish economy among foreign investors. "The figures for foreign investment in Spain demonstrate two certainties: that we are heading in the right direction and that our country inspires confidence", said the president.

In 2022, Spain received investments worth €44.46 billion for the implementation of 860 projects that have led to the creation of 96,000 jobs. These figures place Spain as the world's sixth largest recipient of foreign investment, ahead of powers such as China, France and Japan, and make us the fourth largest market in the world in terms of foreign investment in the automotive sector.

Likewise, the chief executive highlighted the government's objective of strengthening the strategic autonomy of the European Union and the competitiveness of Spanish industry. Pedro Sánchez underlined Spain's leading position in areas such as the improvement of aid in strategic sectors and the structural reform of the electricity market.

"We are going to make improving the competitiveness of European and Spanish industry one of the main priorities of the Spanish Presidency of the Council of the EU," said the President of the Government.

In addition, the chief executive identified innovation as a fundamental element for the reindustrialisation of the Spanish economy. This commitment to innovation is materialised in the General State Budget, which allocates €16.33 billion to R&D&I, almost 23% more than the previous year. "A commitment to innovation is in the DNA of our productive fabric", said Pedro Sánchez.

Non official translation