India and Singapore Team Up to Boost Semiconductor Industry
On September 5, India and Singapore signed a Memorandum of Understanding (MoU) to enhance cooperation in the semiconductor sector. This agreement aims to leverage the strengths of both countries’ semiconductor ecosystems and build resilience in their supply chains.
Key Figures and Events
The MoU was exchanged in the presence of Indian Prime Minister Narendra Modi and Singapore Prime Minister Lawrence Wong during Modi’s official visit to Singapore. It was signed by Singapore Deputy Prime Minister Gan Kim Yong and India’s Union Minister of Electronics and Information Technology, Ashwini Vaishnaw, during the India-Singapore Ministerial Roundtable last month.
Goals and Benefits
The agreement aims to support India’s growing semiconductor industry and facilitate Singapore’s semiconductor companies to participate in the Indian market. India aims to become a global hub for semiconductor manufacturing, driven by strong domestic demand in electronics, electric vehicles, and manufacturing sectors. Singapore’s established semiconductor ecosystem is keen to contribute to this growth.
Policy and Business Cooperation
The MoU includes government-led policy exchanges on ecosystem development, supply chain resilience, and workforce development. A Policy Dialogue will be established between Singapore’s Ministry of Trade and Industry and India’s Ministry of Electronics and Information Technology to oversee the collaboration. Additionally, a business-to-business Cooperation Forum will be led by Enterprise Singapore and the India Semiconductor Mission to encourage private sector partnerships.
Statements from Leaders
Singapore Deputy PM Gan Kim Yong praised the agreement, stating it shows the commitment of both nations to work together in the semiconductor field. Tan Soon Kim, Deputy Managing Director of Enterprise Singapore, highlighted Singapore’s role in the global semiconductor supply chain and encouraged more Singaporean companies to explore opportunities in India.
Site Visit and Future Events
Later, PM Modi visited AEM Singapore, accompanied by PM Lawrence Wong and Minister K Shanmugam. The visit included a presentation by the Singapore Semiconductor Industry Association and a tour of AEM’s facilities. Modi also interacted with various ecosystem players and institutions.
EnterpriseSG is partnering with the Singapore Precision Engineering & Technology Association to feature the Singapore Pavilion at the SEMICON India event in New Delhi from September 11-13, 2024. More than 20 Singapore companies will participate to exhibit their solutions and seek partnerships. SSIA is also planning a business mission to India in collaboration with the India Electronics and Semiconductor Association.
Doubts Revealed
Semiconductor -: A semiconductor is a material that can conduct electricity under some conditions but not others, making it a good medium for the control of electrical current. They are used in electronic devices like computers and smartphones.
Memorandum of Understanding (MoU) -: A Memorandum of Understanding (MoU) is a formal agreement between two or more parties. It is not legally binding but shows that the parties are willing to work together.
Supply chain resilience -: Supply chain resilience means making sure that the process of producing and delivering products can continue even if there are problems like natural disasters or other disruptions.
Policy exchanges -: Policy exchanges involve sharing ideas and strategies between countries to improve how they manage certain sectors, like the semiconductor industry in this case.
Business-to-business Cooperation Forum -: A Business-to-business Cooperation Forum is a meeting where companies from different countries come together to discuss and create business opportunities.
PM Narendra Modi -: PM Narendra Modi is the Prime Minister of India, the leader of the Indian government.
PM Lawrence Wong -: PM Lawrence Wong is the Prime Minister of Singapore, the leader of the Singaporean government.
Deputy PM Gan Kim Yong -: Deputy PM Gan Kim Yong is the Deputy Prime Minister of Singapore, assisting the Prime Minister in his duties.
Enterprise Singapore -: Enterprise Singapore is a government agency in Singapore that helps businesses grow and supports the development of industries.