US Commerce Secretary Gina Raimondo on Thursday said she will sign an MoU on the semiconductor sector with India to promote cooperation in the segment as it holds huge opportunities.
She also said that several US companies in the electronics and semiconductor segment have a ‘strong’ desire to diversify their supply chain and be more resilient.
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“We talked about how we will share information about semiconductors, about semiconductor commercial opportunities between our two countries, and how to have a continuous dialogue around policies that would encourage private investment in the semiconductor ecosystem,” the US commerce secretary told reporters.
The talks include figuring out opportunities, if there are any, for joint ventures or technology partnerships between the two countries, she added.
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“So, we are looking for near-term opportunities and also looking for longer-term strategic opportunities,” she said, adding both countries would like to play a larger role in the electronic supply chain and to that, the “MoU that I (will be) signing on this trip around semiconductor is designed to help achieve that goal”.
Both countries are implementing a semiconductor incentive programme, and “we discussed” how the two sides can coordinate those investments, which is in the interest of India and the US, she noted.
Both sides have discussed issues like providing transparency in their incentives, coordinating and collaborating on ways to administer their semiconductor initiative as huge opportunities are there, she added.
“We can have better benefit if we collaborate in the implementation of our incentive programmes,” Raimondo said, adding the talks are about making the semiconductor supply chain more resilient and diversified.
Talking about commercial dialogue, which will take place tomorrow, she said it is intended to work together around supply chain, semiconductors, climate and clean technology, energy and healthcare and pharma as well as the digital sector.
“We are not targeting any particular commercial transaction or engagement,” she said.
On whether the US is talking to India about joining the trade pillar of IPEF (Indo-Pacific Economic Framework for Prosperity), she said: “We would like to see all of the IPEF countries participating in all of the pillars”.
The IPEF members, she said, are making great progress and hope to sign those by the end of the year. Replying to a question on export controls, she said that the two countries are going to deepen their engagement with India specifically around the area of aligning their export control and sharing information.
Raimondo is here for the India-US Commercial Dialogue and India-US CEO Forum meeting on March 10. She is leading a high-power business delegation here.
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