India opens market for semiconductor companies in Singapore
07 Sep 2024
India will allow semiconductor companies in Singapore to expand activities into this country under a memorandum of understanding (MoU) signed in Singapore, on Thursday.
The MoU on Semiconductor Ecosystem Partnership, signed during Prime Minister Narendra Modi's visit to Singapore, also aims at facilitating collaboration in talent development, knowledge sharing, and manufacturing.
Reports citing official sources in Singapore said such a partnership will benefit both countries as Singapore is constrained by shortage of land and skill while India is short of investment.
India and Singapore also agreed to build a strong semiconductor ecosystem between the two countries.
Singapore hosts some of the top semiconductor companies in the world, including Qualcomm, AMD, Applied Materials, Global Foundries, and Micron. The city state also accounts for nearly 10 per cent of global semiconductor output and 5 per cent of global fabrication capacity. It also accounts for 20 per cent of global production of semiconductor equipment.
During his visit, Prime Minister Modi also interacted with leading Singaporean CEOs from diverse fields, including investment funds, infrastructure, manufacturing, energy, sustainability and logistics.
The prime minister announced the setting up of an `Invest India’ office in Singapore, to facilitate collaboration with India. He also suggested elevation of India-Singapore ties to a Comprehensive Strategic Partnership to give a fillip to bilateral economic relations.
Modi called for increased participation by Singapore investors in new opportunities that are opening in India, including smart cities, railways, roads, ports, civil aviation, industrial parks and digital connectivity. As also in fields like skill development.
