The Minister of Innovation, Industry, Trade and Tourism, Nuria Montes Les Corts, introduced the draft law outlining the Ministry’s 2024 budgets to the Economy, Budget and Finance Commission. She highlighted that the budgets are built to honor responsibility within the framework of simplifying procedures, reorganizing resources, and moderating expenditure.
Likewise, Council Member Nuria Montes stated that the budget aims for greater consistency in public policy planning, reflecting resource optimization, the reduction of unnecessary costs, and effective administration that provides stability and certainty to citizens and economic actors alike.
Consell to approve the abolition of the Valencian Community’s tourist tax on Friday
My commitment to the citizens of the Valencian Community is to accomplish more with a leaner budget. These are realistic budgets, Montes said. For the first time in eight years, the Valencian Community has serious, responsible budgets that avoid fictitious income and do not burden future generations.
Montes explained that the Department of Innovation, Industry, Trade and Tourism chose to preserve or even strengthen essential elements while removing ideological components that did not translate into economic or social benefits for Valencians. Botànic left a region that carried debt and deficits with few projects executed; the aim is to shift from grand announcements to tangible results.
Innovation
Support for competitive innovation is being intensified while unnecessary subsidies are being eliminated. Innovation and digital transformation are recognized as the main catalysts for change in the region and as essential tools to boost productivity, Montes emphasized.
The budget now includes a program to promote innovation in Valencian municipalities, rising by 500,000 euros to reach 4 million. A 3.5 million line supports audiovisual production, and three new hotlines are added to launch an Innovation LAB in Tourism to foster innovative public procurement and bolster innovation in the aviation sector.
The Valencian Innovation Agency continues to push for mainstream competition aid, ending nominal subsidies, and launching a new program to support the assimilation and dissemination of advanced technologies through the Valencia Innovation System. Digitalization, AI adoption, and financial backing for SME and micro-SME innovation projects are included, along with efforts to reduce the digital divide and support three Digital Europe Program initiatives. The goal is to promote a digital entrepreneurship network across Spanish regions to spur joint ventures tied to new technologies.
Industry
The Reindustrialization Plan outlines key axes such as higher operating expenditures and direct support for productive investments by SMEs, stronger backing for the industrial fabric to raise competitiveness, and a cluster policy that structures competitive calls to promote autonomous reindustrialization. Montes noted that the plan is under construction with a budget of 51.5 million, aiming for industry to represent 20% of the Valencian GDP by the end of the period.
In the new budget, funds for strategic projects rise by 150% from 4 million to 10 million, infrastructure improvements in industrial zones reach 32 million, and a 3 million fund is allocated for battery specialization training while 4 million funds are set to promote energy improvements in rail manufacturing. The Compensation Fund under the Valencian Wind Plan is increased to 5 million, and allocations for promoting renewable energy and biofuels are included. Overall, support for internationalization totals 42.73 million across diverse markets, with competitive calls driving entrepreneurship and cross-regional collaborations.
Trade
The Trade program emphasizes modernization, innovation, and increased competitiveness of local businesses with a 9 million euro budget. Local enterprises are described as the engine of cities, revitalizing urban centers, sustaining populations, and attracting tourism, according to Montes. The budget also allocates funds for consumer protection, amounting to 5.7 million euros, to implement the Safe Consumer Trading Scheme.
Tourism
With the tourist tax abolished, the sector aims to move toward stabilized seasonality. Tourism is described as an ambassador for the Community, a driver of economic development, a steward of heritage, and a window to the world. The councilor said dedicated efforts will continue to promote and protect this vital sector.
The period in the 2024 budgets is extended with a traveler’s check program, allocating 12.5 million euros, plus 1.4 million for concrete actions to reduce instability and a 4% increase for major music, sports, and cultural events within the Community, bringing the total to 7.1 million euros. Additional steps aim to boost competitiveness and quality in tourism through the CreaTurisme program and close collaboration with leading industry organizations to promote tourism. The tourism expertise scholarship program is expanded, doubling the previous year’s funding to reach 320,000 euros.
These reforms reflect a broader strategy to strengthen economic resilience across the Valencian Community, prioritizing sustainable growth, innovation, industrial modernisation, and a balanced approach to public policy that serves citizens and businesses alike. [Citation: Valencian Community Government, 2024 budget report]