India-Japan forge strategic ties to strengthen semiconductor manufacturing, supply chains
Yoshimasa Hayashi, also deliberated on enhancing cooperation in defence equipment and technology. The discussions took place as part of a two-day visit by Hayashi to the Indian capital, AP reported.
The global supply of components and raw materials required for various products, ranging from automobiles to computer chips, has been severely impacted by Russia's conflict in Ukraine. According to a statement by the External Affairs Ministry, “Hayashi and Jaishankar also emphasized the crucial role of a strong partnership between India and Japan in ensuring an open and prosperous Indo-Pacific region that is inclusive and rules-based." As part of their discussions, they explored cooperation within multilateral and plurilateral frameworks, which included the Quad grouping involving the United States and Australia.
The main objective of this coalition is to address the increasing challenges presented by China's assertive actions in the region. Jaishankar and Hayashi expressed contentment over the enhancement of defence and security cooperation between India and Japan, which included frequent exercises and dialogues involving all three services, as per the statement.
Prime Minister Narendra Modi's aspirations of establishing a domestic chipmaking industry faced a possible setback recently when electronics giant Foxconn withdrew from a $19.5 billion semiconductor joint venture with Indian mining conglomerate Vedanta Ltd. Earlier on July 21, India and Japan signed a memorandum of understanding (MoU) on semiconductor development, which will include design, manufacturing, equipment research and talent development.
Read more on livemint.com
