India and the European Union have recently signed a Memorandum of Understanding (MoU) to intensify collaboration in the semiconductor ecosystem and enhance resilience in the semiconductor supply chain. The agreement was formalized during a virtual meeting of the India-European Union Trade and Technology Council, where Ashwini Vaishnaw, the Minister for Electronics, Information and Technology, and Communications for India, signed the MoU alongside Thierry Breton, the European Commissioner for Internal Markets.
This significant step reflects the shared commitment of India and the EU to strengthen semiconductor supply chains and foster collaborative innovation. The virtual meeting was co-chaired by India’s External Affairs Minister Dr S. Jaishankar, Minister of Commerce and Industry Piyush Goyal, and Minister of Electronics and Information Technology Ashwini Vaishnaw. On the European side, the meeting was chaired by Executive Vice-President Valdis Dombrovskis and Vice-President Vera Jourova.
The MoU underscores the strategic partnership between India and the EU in advancing semiconductor technologies. The collaboration aims to enhance the resilience of semiconductor supply chains, a crucial component in the modern technology landscape. By pooling their expertise and resources, India and the EU aspire to contribute to the development and innovation in the semiconductor industry.
This move aligns with the global efforts to fortify critical supply chains, especially in sectors integral to technological advancements. The joint commitment to fostering innovation and building robust semiconductor supply chains signifies a forward-looking approach to addressing challenges and capitalizing on opportunities in the rapidly evolving technology domain. The collaboration is expected to facilitate knowledge exchange, research cooperation, and joint initiatives that will benefit both India and the European Union in navigating the complexities of the semiconductor landscape.
