A Memorandum of Understanding (MoU) was signed between Tata Electronics and ASML in the presence of Prime Minister Narendra Modi on Saturday. ASML is one of the largest and most critical semiconductor companies globally, in terms of lithography equipment. PM Modi is in the Netherlands, during the second leg of his 5-nation tour.
Before holding bilateral discussions with counterpart Rob Arnoldus Adrianus Jetten, PM Modi, along with the Netherlands PM, held discussions with prominent CEOs of leading Dutch companies across various sectors such as energy, ports, health, agriculture trade, and technology, among others. The two leaders also called for early implementation of the India-EU-FTA.
Speaking after Tata Electronics and ASML signed an MoU, CEO Christophe Foquet said, “the semiconductors have become a clear priority for India, and Tata is the company set to build the country’s first semiconductor fab. I think this project is extremely important, and through this MoU, we want to provide @TataCompanies with all the support ASML can offer in terms of products, technology, and people to ensure they have the very best lithography solutions for the first fab.”
PM Modi Invites Dutch Companies To Invest in India
Speaking to business leaders, PM Modi invited Dutch companies to explore opportunities in India, particularly in maritime, renewable energy, digital technologies, semiconductors, artificial intelligence, and healthcare sectors.
“We are continuously reducing compliance and increasing the ease of doing business. We have recently carried out next-generation reforms in taxation, labour code, and governance,” he told the business leaders.
The prime minister added that manufacturing in India is becoming very cost-effective, and in the services sector, it has become the engine of efficiency and innovation.
“We invite all of you to design and innovate in India. There can be no better time for this than today,” he said.
“Today’s India is a symbol of scale and stability. In terms of scale, we are also the fastest-growing major economy in the world and the world’s largest talent pool. Infrastructure, clean energy or connectivity – no one in the world can match India’s speed,” Modi said.
“And on the subject of stability, I have completed 12 years of serving as the Prime Minister of the world’s largest democracy. In these 12 years, with continuous reforms, we have transformed our economic DNA. Our direction has been clear – to give policy predictability to the private sector and increase opportunities for them,” he added.
Modi said his government has opened up every sector for the private sector, be it space, mining or nuclear energy.
With inputs from PTI
