Nasscom Centre of Excellence for Internet of Things (CoE-IoT) announced that it has signed an intent of cooperation with Taiwan-India Artificial Intelligence Technology Innovation Research Centre, Taiwan’s largest university and incubator of startups under the National Chung Cheng University.
This collaboration between Nasscom CoE IoT and Taiwan-India Artificial Intelligence Technology Innovation Research Center is focused on incubation support, mentorship, and market access. It will assist Indian tech new companies in sourcing equipment parts from Taiwan during their prototyping to production stages.
The MoU is anticipated to improve relations between Indian and Taiwanese businesses while also facilitating trade. This would also make it easier for Taiwanese businesses to set up business in India, as well as improve collaboration between the two countries in terms of sourcing hardware and electronic components, resulting in mutual success and increased market access.
Last year, in parallel to the rising death toll and quarantine measures amid the COVID-19 pandemic, the semiconductor industry, which has been instrumental in the digital disruption, suffered a devastating economic setback. Simultaneously, the supply and demand shocks that followed the global economic downturn exacerbated supply chain vulnerabilities almost everywhere.
According to Shivendra Singh, Nasscom’s vice president of global trade development, given the supply chain challenges, the signing of this MoU will be critical in enabling both the countries to institutionalize industrial collaboration, allowing us to improve our ability to source hardware components, increase investments, and collaborate on technical issues on an equal and mutually beneficial basis.
“NASSCOM looks forward to accelerating this critical partnership by assisting Taiwanese companies in setting up shop in India and establishing business relationships with budding startups,” Mr. Singh added.