US-India join forces to strengthen semiconductor sector, under CHIPS act's ITSI fund | WATCH

New Delhi: In a significant move to bolster the global semiconductor industry, the US Department of State has announced a new partnership with India’s Semiconductor Mission, which operates under the Ministry of Electronics and IT. This collaboration is set to explore and develop opportunities for expanding and diversifying the semiconductor ecosystem worldwide. The initiative is supported by the International Technology Security and Innovation (ITSI) Fund, established under the CHIPS Act of 2022.

Expansion of semiconductor operations

The partnership aims to leverage the ITSI Fund to create a more resilient and innovative semiconductor supply chain. By working together, the US and India seek to address existing challenges and capitalize on emerging opportunities in the semiconductor sector. This joint effort will help enhance technological security and foster innovation within the global industry.

#WATCH | Delhi: The US Department of State is partnering with the India Semiconductor Mission, Ministry of Electronics and IT, to explore opportunities for growing and diversifying the global semiconductor ecosystem under the International Technology Security and Innovation… pic.twitter.com/j0aWLd5M7h

— ANI (@ANI) September 9, 2024

The ITSI Fund, part of the broader CHIPS Act, is designed to support international collaborations that drive advancements in technology and semiconductor manufacturing. The US Department of State’s engagement with India underscores a commitment to strengthening global technological infrastructure and promoting sustainable growth in the semiconductor sector.

Diversification of semiconductor ecosystem

The newly formed partnership will focus on several key areas, including research and development, supply chain improvements, and investment in cutting-edge technologies. The goal is to create a robust and diversified semiconductor ecosystem that meets the evolving needs of the global market.

By combining resources and expertise, the US and India are poised to make significant strides in the semiconductor industry, setting the stage for a more secure and innovative technological future.