India and Singapore Join Forces to Bolster Semiconductor Ecosystem

India and Singapore have signed a Memorandum of Understanding to collaborate on developing the semiconductor ecosystem. The agreement, witnessed by Prime Ministers Narendra Modi and Lawrence Wong, includes government and business-level cooperation to enhance supply chain resilience and market opportunities.

India and Singapore have formalized a partnership aimed at advancing the semiconductor ecosystem, the Ministry of Trade and Industry of Singapore announced Thursday. The collaboration was cemented through a Memorandum of Understanding (MoU) signed in the presence of Indian Prime Minister Narendra Modi and his Singaporean counterpart, Lawrence Wong, during Modi's official visit to Singapore.

The MoU focuses on supporting India's burgeoning semiconductor sector while also enabling Singapore's semiconductor companies and their supply chains to engage with the rapidly expanding Indian market. According to the statement, the agreement will utilize complementary strengths of both nations to enhance supply chain resilience and facilitate government policy exchanges on ecosystem development. The Ministry of Trade and Industry (MTI) and India's Ministry of Electronics and Information Technology (MeitY) will set up a Policy Dialogue to guide collaborations and share best practices.

Additionally, a business-to-business Cooperation Forum will be established, facilitated by Enterprise Singapore and the India Semiconductor Mission (ISM), to foster private-sector partnerships. During his two-day visit, PM Modi toured AEM Holdings Ltd's semiconductor facility, accompanied by PM Wong. The visit included insights from the Singapore Semiconductor Industry Association (SSIA) and interactions with various ecosystem stakeholders such as APP Systems and Century Water. Deputy Prime Minister Gan Kim Yong remarked that this MoU underscores the commitment of both countries to strengthen the semiconductor supply chain and create new market opportunities. (ANI)

(With inputs from agencies.)