What's Happening?
India is positioning itself as a design and innovation hub in the semiconductor industry, according to a top official from the Singapore Manufacturing Federation (SMF). The collaboration between India and Singapore is highlighted in a commemorative publication
celebrating 60 years of diplomatic relations between the two countries. The SMF President, Lennon Tan, emphasized India's strategic projects under the India Semiconductor Mission, which aim to build full-stack capabilities from design to fabrication. The collaboration includes joint skilling, streamlined equipment movement, and research and development in chip design. Singapore companies are encouraged to strengthen their partnerships with Indian stakeholders, providing value-added services in semiconductors and other high-growth sectors.
Why It's Important?
The collaboration between India and Singapore in the semiconductor industry is significant as it aims to build a resilient supply chain and enhance the capabilities of both countries in this critical sector. The semiconductor industry is vital for technological advancement and economic growth, and this partnership could lead to increased investment and innovation. Singapore's investment in India has been substantial, and this collaboration is expected to further strengthen economic ties. The development of a strategic fintech corridor linking India's financial landscape with Singapore's ecosystem is also noteworthy, as it could enhance digital finance leadership in the region.
What's Next?
The partnership between India and Singapore is expected to continue evolving, with both countries focusing on long-term collaboration in the semiconductor industry and other high-growth sectors. The Memorandum of Understanding signed in 2024 to support India's semiconductor industry will facilitate Singapore's ecosystem of semiconductor companies to participate in the Indian market. This collaboration is likely to lead to more joint ventures and business missions, further strengthening the economic relationship between the two countries.
