Singapore, India deepen cooperation in semiconductor and digital technologies

SINGAPORE: Singapore and India on Thursday (September 5) exchanged a memorandum of understanding (MOU) on cooperation in the semiconductor industry and digital technologies.

The aim of the agreement, the Ministry of Trade and Industry said in a press release on Thursday, “is to support the growing Indian semiconductor industry and enable the ecosystem of Singaporean semiconductor companies and their associated supply chains to participate in the rapidly growing Indian market.”

The ceremony was attended by two prime ministers, Mr Lawrence Wong and Mr Narendra Modi, on the last day of Mr Modi’s latest visit to Singapore. This is his fifth visit since taking office 10 years ago.

The agreement was earlier signed by Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and India’s Minister for Electronics and Information Technology Ashwini Vaishnaw during the India-Singapore Ministerial Roundtable held on August 26.

“India is aiming to become a global semiconductor manufacturing hub, driven by strong domestic demand in the electronics, electric vehicles and manufacturing sectors,” MTI said.

“Singapore’s well-established semiconductor ecosystem has created a strong cluster of semiconductor companies that are eager to participate in the growth of the Indian semiconductor industry.”