The Government has had to rethink their industrial strategy after the collapse of the supply chain due to the pandemic in Ukraine and the war in Ukraine. The Council of Ministers approved Tuesday a new PERTE on microchips, semiconductors. It will require public investment of 12,250 millions euros up to 2027. This is 1,000 million more than was planned.

At the press conference following the Council of Ministers, the economic vice president stated that "It will become the most important PERTE in terms of contribution and amount to the economic transformation of Spain." Nadia Calvino stated that this sector is difficult to enter due to the specialization and investment required. Europe is only 10% of chip manufacturing. The powerhouses are Taiwan, South Korea and Japan. The EU aims to achieve 20% of its quota.

Because of its talent and European funds, Spain could be a leader in this sector for the medium term, Calvino said.

It is a crucial investment to help improve the situation after production in Spain dropped by 10.3% in April. This was due to a lack of necessary components to make the vehicles due to the effects of the pandemic that was exacerbated by the Russian invasion. Anfac (Association of Automobile Manufacturers) data shows that the Spanish assembly of vehicles fell by 15.4% over the first four months of this year. This is a decrease of 718,000 units, compared to 828,000 one year ago. year.

This Tuesday, the President of the Government will meet with the World Economic Forum in Davos (Switzerland), where he will be joined by the Directors of Intel, Micron Cisco, Qualcomm and Cisco, which are the main four manufacturers of microchips around the world. Pedro Sanchez stated that "We want to be the best partner for industry and its efforts in expanding and diversifying microchip manufacturing to meet growing demands and supply chain disruptions."

The Council of Ministers, on the other hand approved Air Nostrum's rescue for 111 million Euros through the SEPI fund. This was after the devastating impact of the pandemic upon its accounts.

As the first private regional flight project in Spain, the passenger transport airline was established in 1994. SEPI stated in a statement that the airline's activity "plays a very important role as an economic engine, creating added value and employment."

With a workforce of 1,400, the airline's national turnover grew to 539million euros by the end of 2019. The pandemic resulted in a 40% decline in turnover for 2020. This led to a loss of 144 million euros as well as an equity deficit.