According to the agency Reuters, India and the United States intend to sign a memorandum of understanding on the development of the semiconductor industry in both countries. Government officials will discuss the coordination of investments and engage in dialogue on shaping policies that will ensure the growth of private investment in the industry.
Image source: Naveed Ahmed/unsplash.com
Commerce Ministry Secretary Gina Raimondo made the announcement on Thursday as she is on a four-day trip to India, accompanied by heads of 10 US companies, and will meet with India’s Commerce Minister on Friday.
The two countries should work together to map the supply chain for the semiconductor industry and identify opportunities for joint ventures and technology partnerships, Raimondo said.
India is known to intend to attract more large investments under a $10 billion stimulus program for semiconductor and display manufacturers. The country intends to become a key partner in the global supply chain.
Last year, the country stepped up “budget support” for local new semiconductor manufacturing, promising to match 50% of the project’s cost. Recently, against the background of a political conflict with China, Western countries are increasingly considering India as an “alternative airfield” where it will be possible to build an alternative manufacturing base to the Celestial Empire, and India fully supports such initiatives.
Add Comment