ASML Exec Praises Modi's Business-Friendly India, EU Bureaucracy Hinders Engagement
ASML's executive vice-president, Frank Heemskerk, has highlighted the ease of engaging with the White House compared to the EU, while also praising Prime Minister Modi's business-friendly approach in India. These insights come as the European Council endorses a semiconductor declaration and India unveils its first domestically produced chip.
Heemskerk found it simpler to arrange a meeting with a senior official in the White House than with an EU commissioner, indicating potential hurdles in European bureaucracy. Meanwhile, less than 2% of ASML's global sales are in Europe, underscoring the need for more European customers.
In a sign of engagement, ASML's CEO, Christophe Fouquet, recently met with Prime Minister Modi in India in 2023. Heemskerk praised Modi's business-friendly approach in India, which has been evident in the country's semiconductor industry. In August 2023, Modi unveiled India's first domestically produced semiconductor chip, 'Vikram', demonstrating the country's progress in this field.
India has launched the India Semiconductor Mission with a Rs 76,000 crore budget to support chip design, fabrication, and display manufacturing. Modi spent a significant portion of a two-hour meeting with ASML's CEO listening to the company's concerns, showing his commitment to fostering growth in this sector.
Heemskerk welcomed the European Council's endorsement of a semiconductor declaration but urged more action and engagement with companies. With India making significant strides in semiconductor production and Modi's business-friendly approach, ASML and other companies may find India an attractive market for investment and collaboration.
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