Singapore and India Forge Partnership in Semiconductor Ecosystem

Singapore and India have signed an MoU to collaborate in the field of semiconductors. The agreement, witnessed by both countries' Prime Ministers, aims to support India's semiconductor industry and integrate Singapore's ecosystem into the Indian market. Initiatives include policy exchanges, supply chain resilience, and workforce development.

Singapore and India have inked a Memorandum of Understanding (MoU) to collaborate in the semiconductor ecosystem, according to a statement from the Singaporean government on Thursday. The ceremonial exchange was presided over by Prime Minister Narendra Modi and Singaporean Prime Minister Lawrence Wong during Wong's visit to Singapore.

The MoU aims to bolster India's burgeoning semiconductor industry while inviting Singapore's well-established semiconductor companies and their supply chains to engage with the rapidly growing Indian market. Gan Kim Yong, Singapore’s Deputy Prime Minister and Minister for Trade and Industry, and Ashwini Vaishnaw, India's Minister of Electronics and Information Technology, signed the agreement at the India-Singapore Ministerial Roundtable on August 26, 2024.

India is positioning itself as a global hub for semiconductor manufacturing, driven by domestic needs in electronics, electric vehicles, and manufacturing. In contrast, Singapore has developed a robust semiconductor ecosystem and a cluster of companies eager to tap into India's growth. The MoU will see both nations leveraging their complementary strengths to enhance supply chain resilience and develop the workforce. A Policy Dialogue will be established to oversee collaboration, policy exchanges, and the implementation of best practices.

(With inputs from agencies.)