Cabinet approves India-Europe initial pact to boost semiconductor sector

The cabinet on Thursday approved an initial pact signed between India and the European Union to boost cooperation for semiconductor research and innovation and advancement of technologies.

The Memorandum of Understanding was signed on November 21, 2023, between India and the European Commission on Working Arrangements on Semiconductors Ecosystems, its supply chain and innovation under the framework of EU-India Trade and Technology Council (TTC).

The initial pact on semiconductors was signed by Ashwini Vaishnaw and Thierry Breton, European Commissioner for Internal Markets.

A statement back then noted the pact pact aims at boosting resilience of semiconductors value chain in India and EU. It covers cooperation in wide areas covering research and innovation, talent development, partnerships and exchange of market information.

“The MoU shall come into effect from the date of signature and may continue until both sides confirm that the objectives of this instrument have been achieved or until one side discontinues its participation in this instrument,” the government said in a statement today.

India’s Ministry of Electronics and Information Technology (MeitY) is actively fostering a conducive environment for electronics manufacturing. MeitY has collaborated internationally, signing MoUs and agreements to strengthen bilateral cooperation, exchange information, and enhance supply chain resilience.