By Caribbean News Global
USA / INDIA – The US Department of State will partner with the India Semiconductor Mission, ministry of electronics and IT, government of India to explore opportunities to grow and diversify the global semiconductor ecosystem under the International Technology Security and Innovation (ITSI) Fund, created by the CHIPS Act of 2022 (CHIPS Act). This partnership will help create a more resilient, secure, and sustainable global semiconductor value chain.
A media note from office of the spokesperson US Department of State, said: “The initial phase includes a comprehensive assessment of India’s existing semiconductor ecosystem and regulatory framework, as well as workforce and infrastructure needs. State anticipates that key Indian stakeholders, such as state governments, educational institutions, research centers, and private companies, will participate in this analysis steered by the India Semiconductor Mission. The insights gained from the assessment will serve as the basis for potential future joint initiatives to strengthen and grow this critical sector.”
The United States and India are key partners in ensuring the global semiconductor supply chain keeps pace with the global digital transformation currently underway.
“Manufacturing of essential products ranging from vehicles to medical devices relies on the strength and resilience of the semiconductor supply chain. This collaboration between the United States and India underscores the potential to expand India’s semiconductor industry to the benefit of both nations,” the US Department of State, emphasized.
In August 2022, president Joe Biden signed the CHIPS Act, a US law that appropriated new funding to boost domestic manufacturing and research of semiconductors in the United States.
“The CHIPS Act also created the ITSI Fund, which provides the US Department of State with $500 million ($100 million per year over five years, starting in Fiscal Year 2023), to promote the development and adoption of secure and trusted telecommunications technologies, secure semiconductor supply chains, and other programs and initiatives with our allies and partners,” office of the spokesperson, US Department of State advised September 9, 2024.
