Biden Affirms Robust Partnership with India
President Biden strengthens the semiconductor supply chain through global collaboration, emphasizing alliances with India. The recent MoU underscores mutual dedication to advancing technology and global innovation.
FREMONT, CA: In recent developments, US President Joe Biden has emphasized the nation’s commitment to fortifying the semiconductor supply chain, particularly emphasizing collaborative efforts with key global partners, including India. President Biden underscored the significance of joint efforts with India, Japan, the Republic of Korea, and Singapore to enhance the critical semiconductor industry. He highlighted the launch of initiatives aimed at shaping technologies and standards to drive transformation in the semiconductor sector, signaling a shared commitment to addressing technological challenges collaboratively.
President Biden acknowledged India’s pivotal role in this global initiative, highlighting the strengthened partnership between the US and India in the semiconductor domain. This collaboration reflects a mutual commitment to technological advancement and underscores the strategic significance of India as a key player in the technology landscape.
The momentum for this collaboration was set in India, and the US signed a Memorandum of Understanding (MoU) on the semiconductor supply chain and innovation partnership during the India-USA Commercial Dialogue. The dialogue, re-launched with a strategic outlook after a three-year gap, focused on supply chain resiliency, diversification, and emerging areas.
The MoU between India and the US aims to establish a semiconductor supply chain resiliency and diversification collaborative mechanism, aligning with the US’s CHIPS and Science Act and India’s semiconductor mission. It leverages the complementary strengths of both nations, fostering commercial opportunities and the development of semiconductor innovation ecosystems. The agreement envisions mutually beneficial research and development, talent, and skill development.
As per the official statement from the ministry, the United States stands as India's third-largest provider of foreign direct investment (FDI), securing its position among India's top five preferred investment destinations. The ministry anticipates that the visit of the U.S. Commerce Secretary will significantly enhance the advancement of trade and commercial relations between the two nations. Notably, leaders from the 21-member Asia-Pacific Economic Cooperation (APEC) Forum are presently convening in San Francisco for the 30th APEC Leadership Summit, a gathering hosted by the United States and presided over by President Biden.
President Biden's invitation to Prime Minister Modi to attend the APEC Leadership Summit underscores the growing importance of global partnerships in the technological and economic domains. India, represented by Commerce and Industry Minister Piyush Goyal, stands as a key participant in shaping the future of collaborative efforts to strengthen the semiconductor supply chain and drive technological innovation on a global scale.
President Biden's commitment to fortifying the semiconductor supply chain through collaborative global efforts, particularly with key partners like India, demonstrates a shared dedication to addressing technological challenges. The strengthened partnership, highlighted by the recent MoU, signifies a mutual commitment to advancing technology. The invitation to Prime Minister Modi for the APEC Leadership Summit emphasizes the growing importance of global alliances in technology and economy. With Commerce and Industry Minister Piyush Goyal representing India, the nation is pivotal in shaping collaborative efforts to strengthen the semiconductor supply chain and drive global technological innovation.