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Informist, Monday, Sep 2, 2024

NEW DELHI – Prime Minister Narendra Modi's visit to Singapore on Wednesday and Thursday will give thrust to cooperation in the semiconductor sector between India and Singapore. The external affairs ministry today said that the semiconductor sector will be one of the key agendas of discussion between Modi and Singapore Prime Minister Lawrence Wong during the bilateral talks.

India acknowledged Singapore's experience of over 20 years in the semiconductor sector and expressed that it is very keen to get into this area.

"Singapore is very well plugged into the global semiconductor ecosystem. This is an area where we are very keen to get into, and we are already seeing how we can cooperate with Singapore. Singapore is already setting up facilities in India and there will be many other areas of the semiconductor industry itself which will be discussed and cooperation moved forward during the visit. We expect the visit to really give thrust to this particular area in our cooperation," said Jaideep Mazumdar, secretary (East), Ministry of External Affairs.

Mazumdar said that the ties between India and Singapore are poised to take off to an entirely new level of cooperation. "Singapore is India's largest trade partner in ASEAN (Association of Southeast Asian Nations). It is also a leading source of foreign direct investment in the last financial year with an investment of $11.77 bln in 2023 alone. Singapore is India's sixth-largest trade partner worldwide," Mazumdar said.

Prime Minister Modi is visiting Singapore on the invitation of Prime Minister Wong, Mazumdar said, adding that Modi will visit Brunei on Tuesday and Wednesday. This will be the first-ever bilateral visit by an Indian prime minister to Brunei and will coincide with the 40th anniversary of the establishment of diplomatic ties between India and Brunei, the ministry said.

The recently concluded high-level India-Singapore ministerial round table meeting, held in Singapore, had laid the ground for Modi's visit. It is expected the visit will pave the way for closer strategic cooperation and partnership between India and Singapore and explore new areas in the field of advanced manufacturing and aviation maritime connectivity, the ministry said.

In July, Modi reiterated his government's commitment to make India a semiconductor hub. The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India was notified in December 2021 with a total outlay of 760 bln rupees. The government has approved construction of four semiconductor units in Gujarat and Assam. These four units will bring an investment of almost 1.5 trln rupees. The cumulative capacity of these units is about 70 mln chips per day.  End

Reported by Kuldeep Singh

Edited by Aditya Sakorkar

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