India keen to be 'trusted' chip partner and supplier - Modi (updated)

Tower Semiconductor

28/07/2023 08:33

(Adds background and Foxconn chairman comments, paragraph 3
onwards)
       GANDHINAGAR, India, July 28 (Reuters) - India wants to
emerge as a trusted partner for the semiconductor industry and
is keen to be a chip supplier for the world, Prime Minister
Narendra Modi said on Friday, as he steps up efforts to attract
global investors to establish production in the country.
    Earlier, at the SemiconIndia conference in Modi's home state
of Gujarat, U.S. chipmaker Advanced Micro Devices  AMD.O  Chief
Technical Officer Mark Papermaster announced plans to invest
around $400 million in the country over the next five years and
build its largest design centre in the tech hub of Bengaluru. 
        Modi has made chipmaking a top priority for India's
economic strategy, aiming to establish itself as a semiconductor
manufacturing hub.
    Despite being a late entrant, India estimated the local chip
market to be worth $80 billion by 2028, almost four times its
$23 billion size now. 
        Most of the world's chip production is limited to a
handful of centres, such as Taiwan. 
    Modi's comment received endorsement from global investors
such as Foxconn.
    Young Liu, the chairman of Foxconn that is officially called
Hon Hai Precision Industry Co Ltd  2317.TW , told the event: "I
can feel the determination of the Indian government. I am very
optimistic of where it's headed."

 (Reporting by Munsif Vengattil and Sumit Khanna in Gandhinagar,
Gujarat; Writing by Indranil Sarkar and Aditya Kalra; Editing by
Jacqueline Wong and Muralikumar Anantharaman)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
7022132226;))