Japan and India to sign semiconductor supply chain agreement
The governments of Japan and India are discussing a bilateral trade agreement that will benefit their respective supply chains for semiconductors, say reports.
Japan's Minister of Economy, Trade and Industry Yasutoshi Nishimura is scheduled to visit India tomorrow (July 19) to meet with Indian Minister of Electronics and Information Technology Ashwini Vaishnaw to sign a memorandum of understanding (MOU). It will part of the proposed 'Japan-India Industrial Co-Creation Initiative' to strengthen economic ties.
The proposed MOU will harness Japan's strength in manufacturing with India's skilled labour force. The agreement will be in turn part of the Quad framework organized by Japan, the US, Australia, and India to counter the power of China.
Japan and India recently took part in a 'Make in India with Japan for the Globe' Summit that explored how industry verticals such as defence, aerospace, manufacturing, information technology and chemical industry in both countries could collaborate to further trade and investments. Japan committed to invest USD 5 trillion in India in 2022.