Union Commerce and Industry Minister Piyush Goyal with US Commerce Secretary Gina Raimondo at a press conference during the India-US Commercial Dialogue in New Delhi (Image: Reuters)
Both the ministers also discussed how both the countries can enhance cooperation in the MSME sector and enhance bilateral trade inter alia
US Commerce Secretary Gina Raimondo on Friday said India can become part of the entire electronics supply chain, not just semiconductors, and asserted that India’s supply chain goals are aligned with those of the United States.
Moneycontrol quoted Gina Raimondo as saying, “India’s desire to expand advanced manufacturing and its presence in the supply chain is fully in line with the United States’ desire and goal to make our supply chain more resilient.”
The US Commerce Secretary, after meeting with his counterpart Union Minister Piyush Goyal, said that there are opportunities in the electronics supply chain for India and it is not limited to semiconductors, Moneycontrol reported.
He said that during his meeting with Piyush Goyal, the two ministers discussed green technologies as well as all kinds of hardware required for the electronic supply chain.
The two ministers on Saturday also discussed new ways to enhance cooperation between India and the US and open up new opportunities for trade and investment between the two countries.
Gina Raimondo was in New Delhi for a three-day visit at the invitation of Commerce Minister Piyush Goyal.
According to Moneycontrol, an agreement was signed between India and the US during his visit, which established a semiconductor supply chain and innovation partnership under the framework of the Indo-US Commercial Dialogue.
The agreement establishes a collaborative mechanism between the Indian and US governments regarding the development of semiconductor supply chain resilience and diversification following the passage of the US Chips and Science Act and the launch of India’s Semiconductor Mission.
“As both of our great nations seek to build stronger and more secure supply chains, especially in the field of semiconductors, this MoU will establish a collaborative mechanism between our two countries on semiconductor supply chain resilience and diversification and help create economic opportunities.” The US and India will be targeted,’ said a statement issued by Raimondo’s office.
This is an important step in coordinating our two countries’ semiconductor incentive programs and will strengthen mutual priorities including promoting business opportunities, R&D, and talent and skills development,” the US Department of Commerce readout said.
Raimondo and Goyal also discussed how to facilitate cooperation between small and medium-sized industries in both the countries during their meeting.
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