India and the US on Friday signed a memorandum of understanding (MoU) on semiconductor supply chain and innovation partnership during the Commercial Dialogue 2023 here, the commerce ministry said.

On the invitation of Commerce and Industry Minister Piyush Goyal, the US Secretary of Commerce Gina Raimondo visited Delhi between March 7 and 10.

During this visit, the India-US Commercial Dialogue was re-launched on March 10 to discuss cooperation for unlocking new trade and investment opportunities between the two countries, it said.

"During the Dialogue, a MoU on establishing semiconductor supply chain and innovation partnership under the framework of India-US Commercial Dialogue was signed between India and US," it said.

The MoU seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of the US's CHIPS and Science Act and India's Semiconductor Mission. It aims to leverage complementary strengths of both countries and facilitate commercial opportunities and development of semiconductor innovation ecosystems through discussions on various aspects of the semiconductor value chain. In addition, the MoU envisages mutually beneficial R&D, talent and skill development, it added.

·** News shared by U.S. Consulate, Kolkata.