India and EU Sign MoU to Reinforce Semiconductor Cooperation
- 20 Jan 2024
On 18th January, 2024, the Union Cabinet, headed by Prime Minister, was updated on a Memorandum of Understanding (MoU) signed between the Government of India and European Commission Semiconductor Ecosystems supply chain in Innovation under EU-India Trade & Technology Council.
Key Points
- Objective of MoU: India and the EU will deepen their cooperation on semiconductor technology via MoU with a view to benefit industries, as well as digital technologies.
- Bilateral Cooperation: The agreement highlights G2G and B2B cooperation to fortify semiconductor supply chains but through capitalizing on each other’s strengths for mutual advantage.
- As part of the initiative to strengthen bilateral cooperation in the semiconductor sector, a MoU with EU is an important step. It seeks to promote information sharing, guaranteeing the resilience of supply chains and promoting equitable business partnerships.
- MeitY Initiatives: MeitY has made significant contributions towards providing an enabling ecosystem for electronics manufacturing. Programs such as Development of Semiconductor and Display Manufacturing Ecosystem in India, help to develop different types of semiconductors.
- India Semiconductor Mission (ISM): ISM is designed to promote policies for setting up an advanced semiconductor and display making facility in the country.
- International Cooperation Mandate: MeitY should be required to promote international cooperation in emerging areas of Electronics and IT. Multiple MoUs, MoCs, and agreements with partner organizations in other countries support supply chain resilience while India acts as a reliable provider.
- Partnerships and Opportunities: India and the European Union, through collaborated efforts shall create avenues for semiconductor-related business opportunities, as well partnerships that will culminate in growth of both regions.
