US commerce secretary Gina Raimondo (image: @SecRaimondo/Twitter)
India has the opportunity to become a part of the entire electronics supply chain and not just semi-conductors, the US commerce secretary said on March 10.
“India’s desire to expand advanced manufacturing and its presence in the supply chains is totally aligned with the United States' desire and goal to make our supply chain more resilient," Gina Raimondo told reporters in New Delhi.
“There’s opportunity in the entire electronics supply chain, not just semiconductors but the entire electronics supply chain. And, we had discussions about that today, that would include green technologies, all kind of hardware in the electronic supply chain.”
The Indian and US commerce ministers were addressing a press conference after the India-US Commercial Dialogue that was re-launched to discuss cooperation for unlocking new trade and investment opportunities between the two countries.
US Secretary of Commerce Gina Raimondo is in New Delhi at the invitation of Commerce Minister Piyush Goyal.
India and US on March 10 signed a pact on establishing a semiconductor supply chain and innovation partnership under the framework of India – US Commercial Dialogue.
The India-US pact seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of the US CHIPS and Science Act and India’s Semiconductor Mission.
It aims to leverage the complementary strengths of both countries and facilitate commercial opportunities and the development of semiconductor innovation ecosystems through discussions on various aspects of the semiconductor value chain. The MoU envisages mutually beneficial research and development, talent and skill development, according to a statement.
More US investments coming
US is making a number of announcements on behalf of US companies that are doing "very sizeable investments" in India, Gina Raimondo said.
"I can also tell you that I think you will see an increase in the drum beat of those announcements," she added.
US companies' interest in India emerges from a combination of a desire to have a more resilient, diversified supply chain and the recent decisions that make India an attractive partner.
The finalisation of the Indo-Pacific Economic Framework will be an incentive for US companies to want to do more business in India, the US commerce secretary said.
No decoupling from China
The US Commerce secretary said the US does not seek a technological decoupling from China.
"We enjoy trade with China, the vast majority of trade with China is in benign products and that will and should continue. This isn't about decoupling, it is about keeping eyes wide open to the fact that China is explicitly trying to get access to American technology to use in its military and we need to protect ourselves and our allies and partners from that happening.”
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