India and the United States on Friday signed a Memorandum of Understanding (MoU) on establishing a semiconductor supply chain and innovation partnership under the framework of the India-US Commercial Dialogue.
The pact was signed after the annual commercial dialogue 2023 between the two sides.
At the invitation of Union Minister of Commerce and Industry Piyush Goyal, US Secretary of Commerce Gina Raimondo is on a visit to New Delhi. During the visit, the commercial dialogue was re-launched on the occasion to discuss cooperation for unlocking new trade and investment opportunities between the two countries.
The MoU seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of the US’s CHIPS and Science Act and India’s Semiconductor Mission.
It aims to leverage the complementary strengths of both countries and facilitate commercial opportunities and the development of semiconductor innovation ecosystems through discussions on various aspects of the semiconductor value chain. The MoU envisages mutually beneficial R&D, talent and skill development.