New Delhi, Sept 9 (FN Bureau) Prime Minister Narendra Modi and the US President Joseph R. Biden on Friday reaffirmed technology’s defining role in deepening strategic partnership between the two nations, reiterated their support for building resilient global semiconductor supply chain and welcomed the start of negotiations for a commercial agreement between GE Aerospace and Hindustan Aeronautical (HAL) to manufacture GE F-414 jet engines in India.As per the joint statement issued after the bilateral talks between the two leaders, the US and India intend to undertake a mid-term review of Initiative on Critical and Emerging Technology (iCET) in September 2023 to continue to drive momentum toward the next annual iCET review in early 2024.
The leaders reiterated their support for building resilient global semiconductor supply chains, noting in this respect a multi-year initiative of Microchip Technology, Inc., to invest approximately US$300 million in expanding its research and development presence in India and Advanced Micro Device’s announcement to invest US$400 million in India over the next five years to expand research, development, and engineering operations in India.”The leaders expressed satisfaction at the ongoing implementation of announcements made in June 2023 by U.S. companies, Micron, LAM Research, and Applied Materials,” the statement said.The leaders welcomed completion of the Congressional Notification process on 29 August 2023 and the commencement of negotiations for a commercial agreement between GE Aerospace and Hindustan Aeronautical Limited (HAL) to manufacture GE F-414 jet engines in India, and recommitted to work collaboratively and expeditiously to support the advancement of this unprecedented co-production and technology transfer proposal.
Sharing a vision of secure and trusted telecommunications, resilient supply chains, and global digital inclusion,Prime Minister Modi and President Biden welcomed the signing of a Memorandum of Understanding (MoU) between Bharat 6G Alliance and Next G Alliance, operated by Alliance for Telecommunications Industry Solutions, as a first step towards deepening public-private cooperation between vendors and operators.Reiterating the importance of nuclear energy as a necessary resource to meet the two nations’ climate, energy transition, and energy security needs, Prime Minister Modi and President Biden welcomed intensified consultations between the relevant entities on both sides to expand opportunities for facilitating India-U.S. collaboration in nuclear energy, including in development of next generation small modular reactor technologies in a collaborative mode.The US reaffirmed its support for India’s membership in the Nuclear Suppliers Group and committed to continue engagement with like-minded partners to advance this goal.
The joint statement said that India and the US are also advancing the creation of investment platforms to lower the cost of capital and accelerate the deployment of greenfield renewable energy, battery storage and emerging green technology projects in India.”Towards this end, India’s National Investment and Infrastructure Fund and the U.S. Development Finance Corporation exchanged letters of intent to each provide up to US$500 million to anchor a renewable infrastructure investment fund,” it said.The US President is in India to participate in the G20 Leaders’ summit scheduled on September 9-10.PM Modi held bilateral discussions with the US President ahead of the key meeting. Defence partnerships,Artificial Intelligence (AI) and green energy were among a range of issues discussed between the two leaders.President Biden lauded India’s G20 Presidency for ‘further demonstrating how the G20 as a forum is delivering important outcomes.’