Greater Noida, Sep 11 : In a bid to bolster India's position in the global semiconductor value chain, industry association SEMI on Wednesday announced a strategic agreement with the India Electronics and Semiconductor Association (IESA).

IESA will become part of the global SEMI family and represent SEMI in India. It will continue to use its current brand while beginning to implement SEMI's processes and select initiatives, it was announced during the 'Semicon India 2024' event.

'India holds immense potential in the semiconductor space, and many global companies are already exploring the opportunities within the country's semiconductor industry,' said Ajit Manocha, President and CEO, SEMI.

The partnership will help SEMI grow a strong presence in this critical emerging market and enable both organizations to identify tangible strategies that leverage our combined strengths to enhance supply chain resilience, he added.

Additionally, SEMI members will now have direct access to India's growing semiconductor market, tapping into new growth opportunities.

Dr Veerappan, Chairperson, and Ashok Chandak, President, IESA, emphasised the strategic significance of the partnership.

'This milestone is a major win for India, SEMI, and IESA. It positions India to become a global semiconductor powerhouse, accelerates economic growth, and fosters innovation,' they noted.

This agreement will also pave the way for joint policy advocacy efforts, with IESA and SEMI working closely with both central and state governments to drive incentives for product development and manufacturing, leveraging key programmes such as the production-linked incentive (PLI) and design-linked incentive (DLI) models.

The three-day 'Semicon India 2024' is being attended by over 600 exhibitors and more than 100 global companies. Organised by SEMI in partnership with Messe Munchen India, MeitY, India Semiconductor Mission (ISM) and Digital India, the event underscores India's emergence as a global semiconductor powerhouse.

/IANS