Re-industrialization is required. European countries have been losing their industry over the previous few decades: production has ceased in order to import from elsewhere, the economy has been outsourced, and industries have been transferred. The industrial appeared to be a thing of the past, something to be discarded in the name of a fictitious modernity of finance and services. The post-Fordist work model, which was scattered in SMEs and the self-employed rather than huge factories, damaged the union structure and, as a result, labor rights. The problem presently is that the Spanish industrial sector accounts for 20% of GDP, which is 15% below the European average. One of Horizon 2030's goals is for each of the European Union's member countries to achieve that percentage.

"Countries with strong industrial development better manage crises, generate higher-quality employment, and promote more innovation: industry is really relevant," argues Cepsa's Chief Digital Officer (CDO), Joaqun Abril-Martorell. It is necessary for the survival of a country." A strong industrial sector, according to consulting company Deloitte, means higher stability in times of hardship, a drag effect on other sectors (particularly the services sector), and some positive externalities: the boost to RD and exports enhances total economy competitiveness. Innovation is critical in reindustrialization, according to the CDO, because it allows for bettering production processes, conceptualizing new products, and various kinds of marketing and communication, among other things. However, there are some prerequisites for innovation: technology and, most importantly, talent. "There is no industry without innovation," argues the expert, "but there is no talent without innovation."

The suggested reindustrialization would not have the virtually nineteenth-century appearance of mines, railways, enormous factories, and a lot of smoke, but will instead be a sustainable and digital industry that prioritizes people: both those who work and those who consume. In a world dominated by large powers such as the United States and China, Europe must stand out for its innovation and environmental stewardship. Of course, it will be an Industry 4.0, which is notoriously mechanized, or an Industry 5.0, in which profound collaboration between humans and machines predominates, with Artificial Intelligence helping to boost efficiency and production. An industry that eliminates monotonous tasks but simultaneously raising concerns about the future of labor. Will machines be able to take our jobs?

"Without industry, there is no competitiveness," says Tommaso Canonici, founding partner and general director of the Opinno consultancy. "We must quickly catch up to where other countries are." We can't compete in terms of costs or other areas in Europe, so innovation is our only option." It will not be an easy journey. Technology is critical, but while we in Europe are great consumers of technology and keep up with the rapid advancements, we are not so good at making it: the initiative in new technological innovations has usually been in the United States, and now it is also in China. "Two things have become clear during the pandemic. The first is society's reliance on industry. The second point is the industry's vulnerability to change. "Agility is our only competitive edge, and it is built on creativity and technology," says Miguel lava, general director of Amazon Web Services Iberia.

What does it mean to be innovative? Canonici presents it in terms of four characteristics that must be present in innovative businesses. One, the innovative company is the first to see what is going on and operates in an ecosystem, collaborating with others. Two, rather than focusing on the product, it concentrates on the consumer. Three, it is adaptable; a concept does not take long to actualize. Four, it has a culture and leadership that promotes innovation. It is not important to have an innovation department; what matters is that innovation pervades all departments and all employees. Allow it to become a way of life.

When it comes to reindustrialization, the European funds that are arriving in Spain to help the country recover from the severe crisis caused by the coronavirus will be critical. "The funds are a fantastic opportunity to accelerate recovery," says Abril-Martorell, "but they cannot be the engine." Once again, talent must be the driving force. Cepsa, for example, has established a digital university with five faculties (data and visualization, artificial intelligence, automation, and so on) to generate value and encourage employee innovation. Workers gain new skills, gain autonomy, and are more satisfied with their job performance as a result.

Interestingly, despite the fact that technical profiles (so-called STEM: science, technology, engineering, and mathematics) are in high demand now and in the future, vocations among university students are scarce, particularly among women, who have traditionally been pressured to pursue other careers. "Digital and sustainability are two sides of the same coin: there is no future without a sustainable and digital approach." "However, because people are the metal that currency is constructed of," the expert says, "it is critical to bet on talent."