Outcomes of the Recent Visit of the Indian PM to Singapore

• 4 MoUs in the fields of digital technologies, semiconductors, health cooperation and skill development.
• Elevating bilateral relations to a higher level of a Comprehensive Strategic Partnership. 
• MoU on Semiconductor envisages cooperation in semiconductor cluster development, talent cultivation, and advanced manufacturing, particularly developing resilient supply chains.
  • Singapore’s semiconductor industry accounts for 10% of all chips and 20% of semiconductor manufacturing equipment produced globally. 

Significance of International Cooperation in Semiconductor

• Foundation of modern technological landscape: like AI, Quantum computing, etc. calling for global collaboration to foster innovation and research. 
• Criticality of Indo-Pacific Region: Most players (USA, Taiwan, South Korea, etc. ) are situated in this region, critical for India. 
• Complex and Specialized Supply Chain: Different countries hold dominance in segments of semiconductor manufacturing like the USA for chip design, Taiwan for manufacturing, etc.
• Gaining Leverage over China: Currently, China lags behind other major players in the domain, diverse collaboration would reduce dependence on China creating a resilient supply chain. 
• Boost Economic Growth: By leading in semiconductor manufacturing.
  • Indian Semiconductor Mission with an outlay of USD 363 million can attract huge investments.