Washington, Mar 26 (PTI) The US on Thursday said it intends to work with the Congress to allocate USD 250 million in foreign assistance funding for the Pax Silica initiative aimed at securing the global supply chain for silicon-based technologies.
India formally joined Pax Silica in February marking a significant step in technology cooperation between New Delhi and Washington.
“We are working with Congress to allocate USD 250 million for a new Pax Silica Fund initiative to strengthen secure, reliable semiconductor supply chains. The United States remains the partner of choice for Pax Silica signatories committed to securing strategic layers of the global technology supply chain,” US Undersecretary of State Jacob S Helberg said in a post on X.
Pax Silica brings strategic partnerships and coordinated action across every layer of the supply chain, a statement from the Department of State said.
“Today’s announcement demonstrates the United States’ commitment to supporting that approach with concrete mechanisms to drive meaningful progress,” it said.
“We expect that this fund will help to catalyze trusted capital from large sovereign wealth and private sources which on average control more than USD 1 trillion in assets to build greater investments in supply chain security,” the statement said.
The fund will also continue to deliver on Secretary Marco Rubio’s “Trade Not Aid” objective by advancing the America First assistance agenda.
It will leverage Pax Silica’s leading private sector partners and sovereign signatories to invest in critical emerging technologies, the government said.
Using foreign assistance to attract private and allied co-investment, the Fund will also create new commercial opportunities for the US and other trusted companies worldwide.