Secretary of Commerce Gina Raimondo announced the United States and India reached a memorandum of understanding on semiconductor supply chains and innovation partnerships in a public statement March 10 after meeting with India's Minister of Commerce and Industry Piyush Goyal.
Raimondo said both nations seek the creation of stronger and more secure supply chains, particularly in the semiconductors field, according to a news release. The memorandum of understanding established a mechanism that enables collaboration between the countries on diversification and resiliency on the semiconductor supply chain. The aim is to create economic opportunity for both countries.
“As the Commerce Department embarks on the implementation of the CHIPS and Science Act, I’m proud to announce a memorandum of understanding with Minister Goyal’s Ministry of Commerce and Industry on semiconductors and electronics supply chains,” Raimondo said in the release.
This significant step for coordination of semiconductor incentive programs for both countries, according to the release. Mutual priorities such as the promotion of commercial opportunities, research and development and talent and skill development will be strengthened in the collaboration.
“I look forward to continuing work with Minister Goyal and members of the semiconductor industry to advance the goals outlined in the MOU and identify further avenues of cooperation for our two nations in the area of semiconductor supply chains,” Raimondo said in the release.
Raimondo also met with Indian National Security Advisor to the Prime Minister Ajit Doval March 9 to discuss the two nation's commercial relationship and what opportunities could be utilized to deepen linkages between their economies, according to a Commerce Department readout of the meeting.
They agreed the inaugural meeting of the U.S.-India initiative on Critical and Emerging Technology was vital, the readout reported. Raimondo and Doval also discussed the upcoming U.S.-India CEO Forum and U.S.-India Commercial Dialogue meetings, which are intended to help realize improved cooperation between governments and business communities.
The Indo-Pacific Economic Framework for Prosperity was another topic of discussion and to what opportunities it presents for regional economic integration and enhancing individual and collective economic competitiveness, according to the readout.
