India partners with Singapore to strengthen semiconductor supply chains
The agreement aims to strengthen supply chain resilience and workforce development by leveraging the complementary strengths of both countries.
India and Singapore have signed an agreement to collaborate on semiconductor development, aiming to boost Singapore’s role in Indian supply chains. The Memorandum of Understanding (MoU) was signed during Indian Prime Minister Narendra Modi’s two-day visit to Singapore, marking his first visit since 2018. The partnership will focus on strengthening supply chain resilience, workforce development, and policy exchanges in the semiconductor sector.
Singapore, which accounts for 11% of the global semiconductor market, has been a key player in the industry. With a $10 billion incentive package to boost its semiconductor industry, India aims to compete with countries like Taiwan. India’s semiconductor market is expected to reach $63 billion by 2026, and the government has approved the construction of three semiconductor plants worth over $15 billion for sectors such as defence and telecommunications.
Modi also met with Singapore’s Prime Minister Lawrence Wong and President Tharman Shanmugaratnam during the visit. In addition to the semiconductor deal, the two countries signed agreements on digital technologies, education, skills development, and healthcare.
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