GANDHINAGAR, India (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 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, 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)
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