On Wednesday, India and Singapore signed key Memorandums of Understanding (MoU) in the fields of digital technologies, semiconductors, health cooperation, and skill development, which will further strengthen their cooperation.
“The discussions with my friend, PM Lawrence Wong continued today. Our talks focused on boosting cooperation in areas like skilling, technology, healthcare, AI and more. We both agreed on the need to boost trade relations”, wrote Narendra Modi on X.
An official noted, “Singapore has limitations in land and labour, while India has abundant land and skilled labour. This makes India a valuable part of Singapore’s semiconductor value chain. Semiconductor companies in Singapore can be encouraged to consider India for their expansion plans.”
PM Modi urged business leaders to view India as a potential site for expansion. Both nations will work together to establish a strong and resilient semiconductor supply chain and align policy regulations related to semiconductor manufacturing.
Singapore accounts for about 10% of global semiconductor output, 5% of global fabrication capacity, and 20% of semiconductor equipment production. Notably, nine of the top 15 global semiconductor firms, including Qualcomm, AMD, Applied Materials, Global Foundries, and Micron, have a presence in Singapore.
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