India-EU MoU on Semiconductors: A Leap Towards Stronger Semiconductor Value Chain

India-EU MoU on Semiconductors: A Leap Towards Stronger Semiconductor Value Chain

VoM News Desk | November 24, 2023 | 11:49 PM IST | Security | Follow on Google News

India-EU MoU on Semiconductors: A Leap Towards Stronger Semiconductor Value Chain

India-EU MoU on Semiconductors: A Leap Towards Stronger Semiconductor Value Chain

In a significant development for India’s semiconductor industry, a Memorandum of Understanding (MoU) focusing on semiconductors was signed between India and the European Union. This agreement was finalized ahead of the Trade and Technology Council meeting in New Delhi.

Details of the MoU and its Objectives

The MoU was signed by Ashwini Vaishnaw, India’s Minister of Electronics, IT and Communications, and Thierry Breton, the European Commissioner for Internal Markets. It aims to enhance the resilience of the semiconductor value chain in both India and the EU, covering various aspects including research, innovation, talent development, partnerships, and market information exchange.

The India-EU Trade and Technology Council Meeting

A virtual meeting of the India-EU Trade and Technology Council was also held, led by prominent ministers from both sides. The Council, established by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen, focuses on collaboration in areas like semiconductors, digital infrastructure, clean energy, and supply chain resilience.

Progress and Future Plans of the Working Groups

During the meeting, the co-chairs reviewed the achievements of the working groups since their inaugural ministerial meeting and discussed future actions. They provided strategic guidance on key areas like strategic technologies, digital connectivity, clean energy, and resilient supply chains.

Next Steps and Upcoming Meetings

Both sides expressed satisfaction with the progress made, especially in semiconductors and digital technologies, and agreed to intensify stakeholder consultations for practical projects. The next meeting of the Trade and Technology Council, to be held back-to-back with the India-EU Summit, is scheduled for early next year in India.

VoM News Desk

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