In a bid to foster collaboration and identify potential opportunities between the two countries in the semiconductor sector, the top trade association representing the US semiconductor industry - The Semiconductor Industry Association (SIA), on Tuesday signed a Memorandum of Understanding (MoU) with the India Electronics and Semiconductor Association (IESA).
Under the agreement, both associations will assist each other as the leading counterpart organisation on semiconductor-related matters within India and the United States and co-organise meetings between member companies to promote cooperation on issues of mutual interest, a communication from the SIA said.
Additionally, both organisations will also co-organise joint events (virtual or in-person) to explore potential opportunities for US-India cooperation within the global semiconductor value-chain, the release added.
John Neuffer, President and CEO, SIA, said, “This MoU will help SIA establish and build relationships with key stakeholders and, for our members, gain a better understanding of the market in India.”
“We look forward to India working towards an even more competitive policy environment and intellectual property regime fortified with transparency and predictability that promotes trade policies designed to help this great economy more deeply integrate with the global value chains in our sector,” he added.
Rajeev Khushu, Chairman of IESA, said the Indian association wants to ensure global semiconductor companies succeed in India while helping local semiconductor startups and service companies build products for domestic and global markets.
IESA’s initiatives around the semiconductor manufacturing supply chain, readiness of states and skilling will help SIA members establish and build relationships with key stakeholders and identify investment opportunities. Further, SIA’s global reach will help IESA members explore opportunities and expand beyond India, he added.
The MoU is significant in the backdrop of the announcement made last week by the Indian Ministry of Electronics and Information Technology to form a 17-member committee to steer India’s semiconductor mission to enable the building of a resilient supply chain and promote investments and ways of financing the semiconductor sector.
IESA is also releasing two reports, including the India Semiconductor Industry Report and the Semiconductor Manufacturing Supply Chain Report spotlighting the immense opportunities for India and, for the first-time deep dive into different aspects of the global semiconductor manufacturing supply chain where the Indian industry can add significant value.
As part of the ‘Make in India’ initiative, India has also recently announced the ‘India Semiconductor Mission’ (ISM) with an aim to build a vibrant semiconductor and display ecosystem to enable India’s emergence as a global hub for electronics manufacturing and design.