India and the European Union signed a Memorandum of Understanding (MoU) on cooperation in the semiconductor ecosystem. This agreement will facilitate investments, joint ventures, and technology partnerships, including manufacturing facilities.
This move aligns with India’s plan to offer incentives worth $10 billion for chip manufacturing within the country. The MoU was signed during the second India-EU Trade and Technology Council (TTC) meeting, which took place virtually. The aim of the MoU is to enhance cooperation in the semiconductor ecosystem, supply chain, and innovation.
During the TTC meeting, the progress made by the working groups of the council was reviewed, with a focus on high-performance computing, digital public infrastructure, EV batteries and their recycling, waste to energy, resilient supply chains, and FDI screening. The first TTC meeting was held in Brussels in May. India is the second country, after the US, to have a TTC mechanism with the EU.
The purpose of the TTC is to strengthen strategic engagement on trade and technology between both partners. The meeting on Friday was co-chaired by External Affairs Minister S Jaishankar, Minister of Commerce and Industry, and Minister of Electronics and Information Technology (MeiTy) from the Indian side.
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