On the invitation of India’s Commerce and Industry Minister Piyush Goyal, the U.S. Secretary of Commerce Gina Raimondo visited Delhi between March 7 and 10.
During this visit, the India-U.S. Commercial Dialogue was re-launched to discuss cooperation for unlocking new trade and investment opportunities between the two countries.
During the Dialogue, an MoU on establishing a semiconductor supply chain and an innovation partnership was signed between India and U.S.
The MoU seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of U.S.’s CHIPS and Science Act and India’s Semiconductor Mission. It aims to leverage complementary strengths of both countries and facilitate commercial opportunities and development of semiconductor innovation ecosystems through discussions on various aspects of the semiconductor value chain.
Additionally the MoU envisages mutually beneficial R&D, and talent and skill development.
Raimondo said that India’s desire to expand its advance manufacturing is totally aligned with the U.S. desire and goal to make their supply chain more resilient.
“We have already begun action by tasking both Indian and the American semiconductor industries to prepare an assessment of… gaps and lack of resiliency in the supply chain and that will guide our work,” she said.
At the end of the commercial dialogue, both sides announced the launch of a new Working Group on Talent, Innovation and Inclusive Growth. The move will further the cooperation on startups, SMEs, skill development and entrepreneurship, including in digital and emergent technologies, Goyal said.
