New Delhi – Secretary Gina Raimondo joined Indian Minister of Commerce and Industry Piyush Goyal and announced a U.S.-India Memorandum of Understanding (MOU) that will establish a Semiconductor Supply Chain and Innovation Partnership. The MOU was announced at the relaunch of the U.S.-India Commercial Dialogue and will focus on clean energy and semiconductor supply chains. The Secretary was in New Delhi from March 5-10. She met with Prime Minister of India Narendra Modi, attended the U.S.-India CEO Forum, and held several important bilateral meetings with Indian officials.
“As both of our great nations seek to create stronger and more secure supply chains, particularly in the field of semiconductors, this MOU will establish a collaborative mechanism between our two countries on semiconductor supply chain resiliency and diversification and will aim to create economic opportunity in the U.S. and India,” said Secretary Raimondo in a statement. “This is a significant step in the coordination of both our countries’ semiconductor incentive programs and will strengthen mutual priorities, including promoting commercial opportunities, R&D, and talent and skill development.”
To begin her trip, India’s Defense Minister Rajnath Singh hosted Secretary Raimondo at his home in honor of the annual Hindu festival Holi. Several other Indian officials also joined the festivities.
“A day filled with color, joy, and light,” said Raimondo. “May we carry it with us as we continue to strengthen the bonds between India and the United States.”
Later in the week, Secretary Raimondo met with Prime Minister of India Narendra Modi. They discussed the U.S.-India CEO Forum, U.S.-India Commercial Dialogue and the new Strategic Trade Dialogue, and U.S.-India MOU on Semiconductor Supply Chain and Innovation Partnership.
At the U.S.-India CEO Forum, Raimondo stressed the importance that the Biden Administration places on U.S.-India relations and emphasized the significant opportunity to deepen commercial ties between the two countries.
The U.S.-India CEO Forum was soft-launched by Secretary Raimondo and Indian Commerce & Industry Minister Goyal in November 2022 during a meeting between the two leaders. During the meeting, they identified key priorities as increasing supply chain resilience; enhancing energy security and reducing greenhouse gas emissions; advancing inclusive digital trade; and facilitating post-pandemic economic recovery, especially for small businesses.
Throughout her visit, Secretary Raimondo also held several bilateral meetings with ministers from India, including Minister of Electronics and Information Technology Ashwini Vaishnaw, Minster of External Affairs Dr. S. Jaishankar, Minister of Finance Nirmala Sitharaman, Minister of Education and Skill Development and Entrepreneurship Dharmendra Pradhan, and Indian National Security Advisor Ajit Doval. During these meetings, the Secretary discussed key areas of shared interest, including the Indo-Pacific Economic Framework for Prosperity, semiconductors, and supply chain resilience.
The trip comes on the heels of last month’s successful special negotiating round for the Indo-Pacific Economic Framework in New Delhi, which senior U.S. Department of Commerce officials attended.