India, US Sign MoU On Semiconductor Supply Chain And Innovation Partnership To Boost Cooperation

India and the United States have signed an MoU on Semiconductor Supply Chain and Innovation Partnership to promote cooperation in the segment.

US Commerce Secretary Gina Raimondo (Left), Union Minister of Commerce and Industry Piyush Goyal (Right)

New Delhi: India and the United States on Friday signed a Memorandum of Understanding (MoU) on Semiconductor Supply Chain and Innovation Partnership to promote cooperation in the segment. US Secretary of Commerce Gina M. Raimondo and Union Commerce & Industry minister Piyush Goyal signed the MoU during India-USA Commercial Dialogue in Delhi. 

Delhi | US Secretary of Commerce Gina M. Raimondo and Union Commerce & Industry minister Piyush Goyal sign MoU on Semiconductor Supply Chain and Innovation Partnership pic.twitter.com/T5R3cmfgie

— ANI (@ANI) March 10, 2023

 

All About The MoU 

US Commerce Secretary Gina Raimondo on Thursday said that she will sign an MoU on the semiconductor sector with India to promote cooperation in the segment as it holds huge opportunities, reported PTI. Notably, India has on several occasions highlighted its interest in the segment to reduce its dependency on the semi-conductors. 

Raimondo said that several companies in the electronics and semiconductor segment have a 'strong' desire to diversify their supply chain and be more resilient. 

"We talked about how we will share information about semiconductors, about semiconductor commercial opportunities between our two countries, and how to have a continuous dialogue around policies that would encourage private investment in the semiconductor ecosystem," the US commerce secretary told reporters, as quoted by ANI. 

She added that the talks between the two countries included figuring out opportunities, if there are any, for joint ventures or technology partnerships between India and the US. 

"So, we are looking for near-term opportunities and also looking for longer-term strategic opportunities," she said. 

She further added that both countries would like to play a larger role in the electronic supply chain and to that, the "MoU that I (will be) signing on this trip around semiconductor is designed to help achieve that goal". 

She further told reporters that both India and the US are implementing a semiconductor incentive programme, and that they discussed how the two sides can coordinate those investments, which is in the interest of India and the US. 

As per the PTI report, both sides discussed issues including providing transparency in their incentives and coordinating and collaborating on ways to administer their semiconductor initiative as huge opportunities are there. 

The US Commerce Secretary said, "We can have better benefit if we collaborate in the implementation of our incentive programmes." 

Leading a high-power business delegation in India, Raimondo is here for India-US Commercial Dialogue and India-US CEO Forum meeting on March 10.