India and the US on Friday 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.
At the invitation of Commerce and Industry Minister Piyush Goyal, US Commerce Secretary Gina Raimondo visited Delhi from March 7 to 10. 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’.
The objective of this agreement is to establish a collaborative mechanism between the two governments on supply chain and diversification for semiconductors in light of the US Semiconductor and Science Act and India’s Semiconductor Mission. In addition, the MoU envisages mutually beneficial Research and Development (R&D), talent and skill development.