The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
BLOOMBERG
The US and India will sign an agreement to boost coordination of their chip-industry incentive plans and are discussing the best ways to avoid over-subsidisation as the South Asian nation looks to boost its role in the global technology supply chain.
The memorandum of understanding focusses on information-sharing and policy dialogue, Commerce Secretary Gina Raimondo told reporters. While she said there were no specific investment commitments by US firms to announce, American companies are optimistic about the future of ties with India, said Raimondo, who touted the benefits from greater collaboration on chips between the two governments.
“We would like to see India achieve its aspirations to play a larger role†in the electronics supply chain, Raimondo told reporters on a trip that includes meetings with Indian public- and private-sector leaders in Delhi.
Raimondo’s department is leading the way in pouring about $52 billion into the US semiconductor industry, which she frames as a key to American competitiveness and national security to reduce the nation’s dependence on chips from Taiwan and Asia more broadly.
India’s $3.2 trillion economy is projected to be among the fastest-growing in the next years and it’s offering $10 billion in incentives to win manufacturing projects from foreign chip firms.