(MENAFN- IANS) New Delhi, Jan 18 (IANS) The Union Cabinet has approved a Memorandum of Understanding (MoU) signed between the Centre and the European Commission on Working Arrangements on Semiconductors Ecosystems, its supply chain and innovation under the framework of EU-India Trade and Technology Council (TTC).

The MoU, signed on November 21, 2023, intends to strengthen cooperation between India and European Union (EU) towards enhancement of semiconductor technology for the advancement of Industries and digital technologies, according to an official statement.

“This is another step towards mutually beneficial semiconductor related business opportunities and partnerships between India and EU,” the official statement said.

The MoU comes into effect from the date of signature and may continue until both sides confirm that the objectives of this instrument have been achieved or until one side discontinues its participation in this instrument.

The agreement covers both G2G (government to government) and B2B (business to business) bilateral cooperation to boost the resilience of the semiconductor supply chains and leverage complementary strengths to promote collaboration in the field of semiconductors.

The Ministry of Electronics and Information Technology (MeitY) has been actively working to create a conducive environment for electronics manufacturing.

The Programme for Development of Semiconductor and Display Manufacturing Ecosystem in India was introduced with a view to ensure the development of a robust and sustainable semiconductor and display ecosystem in India.

The program aims to extend fiscal support for establishment of Semiconductor Fabs, Display Fabs, Fabs for Compound Semiconductors/Silicon Photonics/Sensors/Discrete Semiconductors and Semiconductor Assembly, Testing, Marking, and Packaging (ATMP)/Outsourced Semiconductor Assembly and Test (OSAT) facilities.

Further, India Semiconductor Mission (ISM) has been established under Digital India Corporation (DIC) to drive India's strategies for development of semiconductor and display manufacturing ecosystem in the country.

MeitY has also been mandated to promote international cooperation in the emerging and frontier areas of Electronics and Information Technology under bilateral and regional frameworks.

With this objective, MeitY has entered into MoUs and agreements with counterpart organizations/agencies of various countries to promote bilateral cooperation.

--IANS

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