India and the US will work together on chips and pharmaceuticals

NEW DELHI: According to the commerce ministry, India and the US have decided to increase their cooperation in a number of areas, including new technology, vital minerals, semiconductors, and medicines.

During a virtual conference between US Secretary of Commerce Gina Raimondo and India’s Commerce and Industry Minister Piyush Goyal on Thursday night, they also talked about prospects for partnerships in key technologies and green and clean technology collaboration.

“…the following key areas emerged from the discussions: strengthening partnership in critical and emerging technologies; collaborative opportunities in green tech and scaling up manufacturing for clean tech; and supply chain cooperation across pharma, semiconductors, critical minerals, and energy,” the commerce ministry said in a statement.

The US Secretary of Commerce also declared that Honeywell, Pfizer, Viasat, and Kyndryl, the four new members of the US industry, would be joining the forum. The event, which was co-chaired by James Taiclet, president and chief executive officer of Lockheed Martin, and N Chandrasekaran, chairman of Tata Sons, brought together CEOs from prominent US and Indian businesses with the goal of improving bilateral trade relations. Cooperation in the supply chain, increasing the production of clean technologies, and promoting cooperation in key and emerging technologies were all stressed by both parties.

In the meantime, Goyal encouraged the sector to utilize resources like the Global Biofuels Alliance, India-Middle East-Europe Economic Corridor, Innovation Handshake, and semiconductor supply chain and innovation collaboration. He advised looking at possible joint ventures via these channels. This was the eighth meeting of the India-US CEO Forum after its reorganization in December 2014. Early in the next year is when the forum will gather again.