Semiconductor Development
India, Singapore sign MoUs on cooperation in semiconductor sector
This story was originally published at 13:14 IST on 5 September 2024
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NEW DELHI – India and Singapore today signed four memorandums of understanding, including one on semiconductor ecosystem partnership, following bilateral talks between Prime Minister Narendra Modi and his Singaporean counterpart Lawrence Wong. Both the countries will cooperate in areas of semiconductor cluster development, cultivation of talent in semiconductor design and manufacturing, the ministry of external affairs said.
The ministry said Singaporean companies are keen to invest in India and dialogue mechanisms set under the memorandum of understanding will facilitate their investments in the country.
According to the ministry, Singapore, despite being a small city-state, has a well-developed semiconductor industry. It contributes to around 10% of global semiconductor output, 5% of global wafer fabrication capacity and 20% of semiconductor equipment production. Nine out of the 15 top semiconductor firms have set up shop in Singapore.
The other memorandums of understanding were signed for cooperation in the field of digital technology, health and medicine, and education and skill development. The memorandum of understanding in the field of digital technology will facilitate closer cooperation between the two countries in areas such as cybersecurity, 5G, super-computing, quantum computing and Artificial Intelligence. It enables cooperation for upskilling and reskilling of workers relating to the digital domain.
The ministry said both the leaders agreed to elevate the India-Singapore ties to Comprehensive Strategic Partnership. "They extensively reviewed various facets of the bilateral relationship covering areas of Advanced Manufacturing, Connectivity, Digitalization, Healthcare & Medicine, Skills Development and Sustainability," the ministry said.
Prime Minister Modi said Singapore is an inspiration for every developing country. "We want to make numerous Singapore in India and I'm happy that we are working together in this direction," he added.
Prime Minister Modi arrived in Singapore on Wednesday. He received a warm welcome from the Indian community at the airport and then Wong hosted a private dinner for Modi. Today, Modi received a ceremonial welcome at the Singapore Parliament before holding bilateral talks with Wong. End
Reported by Kuldeep Singh
Edited by Vidhi Verma
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