The Prime Minister of India wants to increase the value of the country's semiconductor market to 63 billion dollars by 2026, and in this way, he has succeeded in concluding a cooperation agreement with Singapore, which has 11% of the world's semiconductor market.
Eviralnews,, the leaders of India and Singapore signed an agreement on partnership and cooperation in the field of semiconductor technology.
According to this agreement, Singaporean companies will play a bigger role in the supply chain of the Indian market.
The memorandum of cooperation between the two countries was signed during the two-day visit of Indian Prime Minister Narendra Modi to Singapore. This is Modi's first visit to Singapore since 2018 and his fifth visit to this country in total.
According to Singapore's foreign minister, the two countries are looking for synergies in their semiconductor ecosystem and are looking for opportunities to strengthen the resilience and flexibility in the industry's supply chain.
Singapore monopolizes 11% of the world's semiconductor market and produces 20% of all equipment in this industry.
Semiconductors are a key tenet of India's trade agenda, and New Delhi has earmarked a $10 billion aid package to boost its competitiveness with countries such as Taiwan, which are leaders in chip manufacturing.
India hopes to increase the value of its semiconductor market to $63 billion by 2026.
In February, New Delhi issued permission to build three semiconductor manufacturing plants worth more than 15 billion dollars, which will operate in the field of manufacturing and packaging chips for the defense, automotive and telecommunications sectors.
According to India's Ministry of Foreign Affairs, during this trip, three more agreements were signed in the areas of digital technologies, education and skill development, as well as healthcare.
