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Spain proposes using AI to help SMEs access European funds

Date: July 18, 2024 Time: 04:04:19

Carlos Body, Minister of Economy, Commerce and Business of the Government of Spain, wants to propose to the rest of the Finance Ministers of the European Union (EU) the use of an artificial intelligence (AI) tool to reduce the administrative burden faced by small and medium-sized companies (SMEs) in accessing European recovery and aid funds.

Body has considered, in statements to the media before its participation in a meeting of the Ecofin – the conclave of European finance ministers – in Luxembourg, that AI systems are a “great opportunity” to resolve “bottlenecks” which the European Commission has identified in a report on the execution of the Next Generation funds, which will end in 2026.

“What we are going to produce are innovative hours, in this case an application with AI so that our SMEs can reduce the time that our SMEs dedicate to excessive bureaucracy in such a way that time is freed up for more productive activities,” the minister explained to the media before the meeting.

Thus, the Twenty-Seven will examine the main conclusions of this report and the Spanish minister will take advantage of the debate to present to his counterparts “the projects and solutions” that the Government is preparing to resolve the excessive bureaucratic burden that is holding back small and medium-sized companies.

Spain, he stated, will move forward with a “pilot project” along these lines, which seeks to enable SMEs to “navigate the administrative complexity” “quickly” without it being “a hindrance in terms of time and productivity.” .

AI project promoted by Spain

The project, also promoted by the Ministry for Digital Transformation and Public Function of the Government of Spain – directed by José Luis Escrivá – would have common standards to guarantee replicability between service providers, the Minister of Economy reported in a statement. .

According to sources from the Ministry led by Corps to the Efe agency, there are already contacts with a technological multinational to develop this application and the idea is that it will begin to be used in the Spanish plan so that other countries in the club will later adopt this approach.

The initiative is part of the contributions that Spain will make to the rest of the EU within the debate to improve the economic competitiveness of the bloc and has already been shared with the Italian Enrico Letta, who will present next week his report on how to strengthen the internal market in the summit with the heads of State and Government of the Twenty-seven.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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