Singapore and India have signed an MoU to collaborate on semiconductor development, aiming to support India's growing industry and facilitate Singapore's participation in the Indian market.
Photograph: Rahul Singh/ANI Photo
New Delhi, Sep 5 (PTI) Singapore and India have signed a memorandum of understanding to partner and cooperate in the field of semiconductor ecosystem, the Singaporean government said on Thursday.
The memorandum of understanding (MoU) was exchanged in the presence of Prime Minister Narendra Modi and Singaporean Prime Minister Lawrence Wong during his visit to Singapore.
"Singapore and India exchanged a Memorandum of Understanding (MOU) today to partner and cooperate in the field of semiconductors. The MOU aims to support India's growing semiconductor industry while facilitating Singapore's ecosystem of semiconductor companies and related supply chains to participate in the fast-growing Indian market," an official statement said.
The agreement was signed earlier by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and India Minister of Electronics and Information Technology Ashwini Vaishnaw on the sidelines of the India-Singapore Ministerial Roundtable on August 26, 2024.
India is aspiring to become a global node for semiconductor manufacturing, driven by strong domestic demand in the electronics, electric vehicles, and manufacturing sectors.
On the other hand, Singapore has established a semiconductor ecosystem that has produced a strong cluster of semiconductor companies, which are keen to participate in the growth of India's semiconductor industry.
"Under the MOU, Singapore and India will leverage complementary strengths in their semiconductor ecosystems and tap on opportunities to build resilience in their semiconductor supply chains," the statement said.
The initiatives under the pact will include government-led policy exchanges on ecosystem development, supply chain resilience, and workforce development.
"The Ministry of Trade and Industry (MTI) and India's Ministry of Electronics and Information Technology (MeitY) will establish a Policy Dialogue to facilitate discussions, oversee the implementation of the areas of collaboration, and exchange best practices," the statement said.
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