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New Delhi, Sep 15: South Korea based multinational company Seoul Semiconductor recently announced that it is keen to set up a research & development (R&D) facility in Haryana. Later the company is expected to start a manufacturing unit too.After solely depending on imports until now, India has now embarked on an aggressive drive to position itself as a global chip manufacturing hub.Semi conductor or a chip, as it is commonly known, is the most critical component required in any modern electronic gadget.With the supply chain getting severely impacted since the outbreak of the Covid 19 pandemic, the Centre is now incentivising global manufacturers to set up their units here.Sources said that there could be more South Korean and Taiwanese companies lining up to set up semiconductor manufacturing units in India.Taiwan, which is the largest exporter of electronics and controls, enjoys more than 60 per cent share of the global market for semiconductors used in smartphones, vehicles and closed-circuit televisions, among other products.Demand for semi-conductor or chip has been increasing over the years but in the last one year, it has surged like never before with the rise in usage of mobile phones and computers amid the pandemic. Besides, the growing Internet of Things (IoT) and the advent of 5G technology will also push demand.According to Invest India the nodal body under the Ministry of Commerce and Industry, facilitating fresh investment in the country, the country's semiconductor demand at present, is valued around $ 24 billion but by 2025, the market is expected to touch $ 100 billion."As India seeks to facilitate domestic semiconductor manufacturing over the next few years, Taiwan could play an instrumental role in India's ambitions by lending a helping hand and supplementing India's expertise," Taipei Times said in a recent report.The report also noted that Taiwanese firms could benefit from partnering with successful Indian technology companies, as such cooperation could prevent operational hiccups. "Strategic cooperation is a win-win for India and Taiwan," it added.Shakti Sinha, former bureaucrat and director at Atal Bihari Vajpayee Institute of Policy Research and International Studies said that India must continue to deepen ties with Taiwan to strengthen its own economy back home."We must establish greater relations with Taiwan for our own mutual benefit and not as a policy of one-upmanship with China. Taiwan is a strong economy with great technological know-how, India can benefit from this, besides we must look at investments and a lot of it can come from Tapei," Sinha said.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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