Spain industrial and strategic investment policy

Spain has implemented new measures to strengthen its industrial and strategic autonomy through regulatory frameworks and state-led planning.

In September 2026, the government published Royal Decree 731/2026, establishing the Strategic Investment Projects (PEI) Committee. This framework allows for the recognition of business investments or public-private partnerships as strategic initiatives based on their contributions to technological, scientific, industrial, or productive capacities. To qualify, projects must demonstrate public interest through factors such as job creation, energy transition, decarbonization, and the development of critical technologies. The decree also aims to manage electrical grid saturation by prioritizing access for projects that enhance industrial leadership.

Following this, the Spanish government confirmed its “very active” role in the strategic planning of companies managed by the State Society of Industrial Participations (SEPI). The Executive stated it provides modernization guidelines for strategic sectors, including defense, energy, and telecommunications. Through SEPI, the state influences the management and leadership of major companies such as Telefónica, Indra, Redeia, and Hispaspat, setting strategies for majority-owned enterprises and establishing management criteria for minority holdings to serve the public interest.