11 March , 2023 Fdiindia
India, US ink MoU on Semiconductor Supply Chain- Detailed
US Secretary of Commerce Gina M. Raimondo and Union Commerce and Industry minister Piyush Goyal on 10th March signed a Memorandum of Understanding (MoU) on the semiconductor supply chain and innovation partnership. The MoU was signed under the framework of the India- US Commercial Dialogue was signed, and the Commercial Dialogue 2023 was held in New Delhi on 10th March.
According to the statement of the Ministry, this 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 Art and the Semiconductor mission of India.
Its objective is to leverage the complementary strengths of both countries and facilitate the commercial opportunities and 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, the statement said.
The Commercial Dialogue between India-US was relaunched on 10th March to discuss the cooperation to unlock new trade and investment opportunities between the two nations.
As per the statement of the Ministry, the US is also the third largest source of foreign direct investment (FDI) for India, and the US is one of the top 5 investment destinations for India.
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