New Delhi, Apr 12 (IANS): As India doubles down on local semiconductor manufacturing, the Semiconductor Industry Association (SIA), which is the top trade association representing the US semiconductor industry, on Tuesday joined hands with the India Electronics and Semiconductor Association (IESA).

Headquartered in Washington, D.C., SIA represents 99 per cent of the US semiconductor industry by revenue and nearly two-thirds of non-US chip firms.

The collaboration will help foster collaboration and identify potential opportunities between the two countries in the semiconductor sector.

"We are delighted to sign this MoU with IESA and welcome India's goal to become both a more powerful digital economy and a hub for electronics and semiconductor innovation within the broader global value chain," said John Neuffer, President and CEO of SIA.

The government in December last year announced to set up the India Semiconductor Mission (ISM) and approved Rs 76,000 crore ($10 billion) for the development of semiconductors and display manufacturing ecosystem in the country.

The Rs 76,000 crore scheme will be spread across 6 years.

Rajeev Khushu, Chairman of IESA, said that the association wants to ensure global semiconductor companies are successful in India while also helping local semiconductor startups and service companies build products for domestic and global markets.

"SIA's global reach will help IESA members explore opportunities and expand beyond India," Khushu added.

Both organisations will also co-host events (virtual or in-person) to explore potential opportunities for US-India cooperation within the global semiconductor value chain.

"We look forward to India working towards an even more competitive policy environment and intellectual property regime fortified with transparency and predictability," said Neuffer.

The Ministry of Electronics and Information Technology (MeitY) last week formed a 17-member committee to steer India's semiconductor mission to enable the building of a resilient supply chain, promote investments and ways of financing the semiconductor sector.