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India and the US on Friday signed a preliminary agreement to strengthen cooperation in the semiconductor sector. The two countries signed a memorandum of understanding (MoU) on semiconductor supply chain and innovation partnership during the ‘Commercial Dialogue-2023’ here. The Ministry of Commerce gave this information. US Commerce Secretary Gina Raimondo visited Delhi from March 7 to 10 at the invitation of Commerce and Industry Minister Piyush Goyal.
According to the ministry, during the visit, the ‘India-US Commercial Dialogue’ was resumed on March 10 to discuss new trade and investment opportunities between the two countries. An MoU was signed between India and the US to establish a semiconductor supply chain and innovation partnership under the framework of the ‘India-US Commercial Dialogue’. Under this, a collaborative mechanism will be established on supply chain and diversification for semiconductors in line with the Semiconductor and Science Act of America and the Semiconductor Mission of India.
The MoU aims to leverage the strengths of both countries and create commercial opportunities and develop the semiconductor innovation ecosystem through discussions on various aspects of the semiconductor value chain. In addition, the MoU envisages mutually beneficial Research and Development (R&D), talent and skill development. During the meeting, Goyal and Raimondo discussed ways to boost trade and investment ties.
Speaking on the occasion, Goyal said that the MoU will help in enhancing mutual cooperation and flexible supply chains. Raimondo said India’s desire to promote advanced manufacturing perfectly aligns with the US goal of making the supply chain resilient. He said that with this MoU, the US would like to see India achieve its aspirations of playing a bigger role in the electronics supply chain.
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