India, Japan pact on semiconductor supply chain gets Cabinet's go-ahead
The Indian Cabinet on October 26, 2023, approved a memorandum of cooperation (MoC) between India and Japan on a Semiconductor Supply Chain Partnership. This is a significant development for the semiconductor industry in both countries, and is expected to bring a number of advantages, including:
- Increased investment and innovation: The MoC will create a framework for Indian and Japanese companies to collaborate on semiconductor research and development, manufacturing, and design. This is expected to lead to increased investment and innovation in the semiconductor sector in both countries.
- Enhanced supply chain resilience: The MoC will also help to strengthen the semiconductor supply chain in both India and Japan. This will make both countries more resilient to disruptions in the global semiconductor supply chain.
- Job creation and skills development: The MoC is expected to create a large number of jobs in the semiconductor sector in both India and Japan. It will also help to develop the skills of the workforce in both countries.