New York, Sep 23 | Prime Minister Narendra Modi started his campaign to welcome more investments and enterprise creation in India with a meeting with wireless technology giant Qualcomm CEO Cristiano Amon in Washington on Thursday.
After their meeting, the Prime Minister’s Office tweeted that they “had a productive interaction. PM Modi highlighted the vast opportunities India offers. Mr. Amon expressed keenness to work with India in areas such as 5G and other @_DigitalIndia efforts”.
It added that they discussed “investment opportunities in hi-tech sectors in India. Discussed recent electronics & telecom manufacturing PLI schemes; & measures to strengthen innovation ecosystem”.
When the leaders of the Quad — Modi, President Joe Biden and Prime Ministers Yoshihide Suga of Japan and Scott Morrison of Australia — meet on Friday, semiconductors will likely be a priority in their agenda.
The US and others plan to diversify their semiconductor manufacturing because of its strategic importance and India could benefit.
The supply chain for semiconductors has been disrupted resulting in manufacturing from digital devices to automobiles hit by shortages creating strategic worries for the US.
CNBC quoted consulting firm, Alix Partners, as reporting that the global automotive industry will alone suffer losses of $210 billion in revenue this year because of chip shortages.
Japan’s business publication Nikkei reported last week that a draft of the Quad summit joint statement would “agree to work toward creating a safe supply chain for semiconductors”.
In his address at the United Nations on Tuesday, Biden said that the Quad was being “elevated” to meet challenges in emerging technologies, among others.
Qualcomm, with a market cap of about $150 billion, is a leader in the manufacture of chips used in everything from cameras to aircraft and a pioneer in 5G technology.
Modi also held one-on-one meetings with CEOs of software company Adobe, renewable energy company First Solar, arms manufacturer General Atomics, and investment management company Blackstone.