India and the US on Friday signed a memorandum of understanding (MoU) on semiconductor supply chain and innovation partnership in the course of the Commercial Dialogue 2023 right here, the commerce ministry mentioned.
On the invitation of Commerce and Industry Minister Piyush Goyal, the US Secretary of Commerce Gina Raimondo visited Delhi between March 7 and 10.
During this go to, the India-US Commercial Dialogue was re-launched on March 10 to debate cooperation for unlocking new commerce and funding alternatives between the 2 international locations, it mentioned.
“During the Dialogue, a MoU on establishing semiconductor supply chain and innovation partnership underneath the framework of India-US Commercial Dialogue was signed between India and US,” it mentioned.
The MoU seeks to ascertain a collaborative mechanism between the 2 governments on semiconductor supply chain resiliency and diversification in view of the US’s CHIPS and Science Act and India’s Semiconductor Mission.
It goals to leverage complementary strengths of each international locations and facilitate industrial alternatives and growth of semiconductor innovation ecosystems by discussions on varied facets of the semiconductor worth chain.
In addition, the MoU envisages mutually useful R&D, expertise and ability growth, it added.
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