PM Modi meets US Secretary of Commerce Gina Raimondo during her visit

Prime Minister Narendra Modi on Friday met with US Secretary of Commerce Gina Raimondo, who was in India from March 7-10, the Prime Minister's Office said on Saturday.

Taking to Twitter, Prime Minister's Office tweeted, "US Secretary of Commerce @SecRaimondohad a fruitful meeting with PM @narendramodi yesterday."

Raimondo also met Union Minister of Commerce and Industry Piyush Goyal and held delegation-level talks on Friday.

A Commercial Dialogue was held and several Memorandums of Understanding were signed between India and the US.

During the joint statement, the US Secretary of Commerce said that both India and the US have recognised they have to be a quality supplier and consumer of goods and services.

While announcing that many companies in the US are interested in investing in India, Raimondo said, "Many of the actions India has taken under Prime Minister Modi's leadership, even over the past couple of years, make India an even more attractive place to do business. More transparency, the rapid move to a digital economy, absolutely zero tolerance for corruption, all of those things make India an even more attractive partner."

India and the US signed a memorandum of understanding (MoU) on the semiconductor supply chain and innovation partnership, re-launched with a strategic outlook with a focus on supply chain resiliency and diversification and new emerging areas, after a gap of three years.

The last India-USA Commercial Dialogue was held in February 2019. Since then, due to the pandemic and other factors it could not be held.

Earlier, India-US CEO Forum was soft-launched by the Indian Commerce and Industry Minister and US Secretary of Commerce on November 9, 2022, via video-conference for which identified key priorities were increasing supply chain resilience, enhancing energy security and reducing overall greenhouse gas emissions, advancing inclusive digital trade; and facilitating post-pandemic economic recovery, especially for small businesses.

The MoU seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of the US's CHIPS and Science Act and India's semiconductor Mission.

It aims to leverage the complementary strengths of both countries and facilitate commercial opportunities and the development of semiconductor innovation ecosystems through discussions on various aspects of the semiconductor value chain. The MoU envisages mutually beneficial research and development, and talent and skill development.