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MoU on Semiconductors Will Help India Play Bigger Role In Electronics Supply Chain: US Commerce Secy

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  • On a visit to India, Ms Raimondo suggested that the discussion on the MoU is aimed at ensuring a more resilient and diversified semiconductor supply chain
  • The secretary, along with 10 American CEOs, recently joined forces with Indian business leaders to draft industry-specific recommendations for both

Here to attend the India-U.S. Commercial Dialogue, the U.S. Secretary of Commerce Gina Raimondo said that the two countries will sign an MoU on semiconductors that will support India’s aspiration to play a leading role in the electronics supply chain. On the occasion, Ms Gina Raimondo also met Foreign Minister S. Jaishankar in Delhi, where, as per the Indian Minister, they held a discussion on the “resilient and reliable supply chains and trust and transparency in the digital domain.”

The visiting official commented, “Just a few weeks ago, Boeing and Air India announced an order for 220 aircraft which is a historic deal that reflects the strength of our economic relationship and will support a tremendous number of jobs in the United States,” while adding that the two sides agreed to launch the India-U.S. Strategic Trade Dialogue.

While hinting that the issue of semiconductors was the highlight of the day, she said, “Both the United States and India are implementing semiconductor incentive programmes and we discussed how we could coordinate those investments which are in both of our interests and ensure the best possible outcomes for both of our countries. We would like to see India achieve its aspirations to play a larger role in the electronics supply chain and the memorandum of understanding that I am signing on this trip around semiconductors is designed to help achieve that goal.”

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The U.S. Commerce Secretary also deliberated with Commerce and Industry Minister Piyush Goyal on Friday for the India-U.S. Commercial Dialogue and the U.S.-India CEOS Forum. Before the meeting, Ms Raimondo stated: “I am thrilled to say that 10 U.S. CEOs of leading U.S. companies travelled with me for the Forum and are here in person and their role working together with their Indian CEO counterparts is to develop recommendations for how the two governments can expand commercial ties and create more economic opportunities in both of our countries.”

As per reports, Ms Raimondo applauded India for joining the Indo-Pacific Economic Framework’s pillars of the supply chain, infrastructure and tax & anti-corruption. She added that the U.S. is focused on getting India on board the trade aspect of the region, thus trying to get the global supply chains on track after the COVID-19 and Ukraine war fallouts.


 

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