Under the memorandum of understanding (MoU), the two countries will share information about commercial prospects in the semiconductor ecosystem and commit to sustaining a discussion to encourage private sector investments. The agreement will also encompass supply chain mapping, technology joint ventures, the development of skills, and research and development partnerships. “We are looking for near-term commercial opportunities, but also, we’re looking here for a longer term strategic opportunity because this isn’t a one-year collaboration. We think this is a 5, 10, 20-year collaboration between the US semiconductor industry and India," Raimondo said.
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