The Instituto Nacional de Industria (INI) was a state entity of Spain and was used to promote the development of industries. Created in 1941, its aim was to promote the creation of new industries and to develop a new vision for the economy. The creation of INI followed the Italian model of IRI and although it initially looked set for failure, it eventually became the largest industrial corporation in Spain. The INI was responsible for directing and implementing the huge investments necessary for the industrialisation of the country, in order to address the needs of national defence and to finance large-scale industrial projects. The INI had a positive effect on the Spanish economy, opening it up to international trade and especially to the European Economic Community. It later became privatised, and in 1992 it became the State Industrial Holdings Company (SEPI).