India, EU sign semiconductor pact

The move is in sync with India’s plan to provide incentives worth $10 billion for chip manufacturing in the country.

The role of TTC is to deepen strategic engagement on trade and technology between both partners.

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India and the European Union Friday signed a Memorandum of Understanding (MoU) on cooperation on the semiconductor ecosystem which will facilitate investments, joint ventures and technology partnership including manufacturing facilities.

The move is in sync with India’s plan to provide incentives worth $10 billion for chip manufacturing in the country.

The MoU was signed at the second India-EU Trade and Technology Council (TTC) meeting held virtually is for deepening cooperation on semiconductors ecosystem, supply chain and innovation. The TTC meeting also reviewed the progress achieved by the working groups of the council particularly in the areas of high-performance computing, digital public infrastructure, EV batteries and its recycling, waste to energy, resilient supply chains and FDI screening.

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The first meeting of the TTC was held in May in Brussels. India is the second country after the US with which the EU has a TTC mechanism.

The role of TTC is to deepen strategic engagement on trade and technology between both partners.

The meeting on Friday was co-chaired on the Indian side by External Affairs Minister S Jaishankar, Minister of Commerce and Industry Piyush Goyal and Minister of Electronics and Information Technology (MeiTy) Ashwini Vaishnaw. FE

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