New Delhi, Sep 2 - The India Semiconductor Association (ISA) and Britain's UK Trade and Investment (UKTI) Wednesday signed an agreement for promoting business ties and technology exchange in the semiconductor sector.

The agreement will enable Indian and British firms to work together on business opportunity areas, combining complementary knowhow, technology, intellectual property and other capabilities, a UKTI statement said.

'India and the UK play a significant part in the semiconductor industry but together, I believe, our two industries can do much more,' said UKTI India director Jane Owen.

'UK is a world leader in innovation and India has a massive electronic manufacturing sector which drives the semiconductor industry,' Owen added.