Business Secretary Vince Cable said that the UK needed to rebalance its traditional trading relationships in the wake of the global economic crisis and boost trade with the new centres of global growth such as India. 

He was speaking on the first day of his official visit to India in front of hundreds of business representatives at a Confederation of Indian Industry event in Mumbai, India's economic capital. 

Dr. Cable said: 

"One of the most striking consequences of this crisis is that it has dramatically shifted the centre of gravity of the world economy towards what we call the emerging markets: China and India, but also Brazil, Russia, Indonesia and elsewhere.

"What the new distribution of purchasing power in the world economy means is that traditional trading relationships have to be rebalanced. Britain was in the bizarre position of exporting more to Ireland than to China, India and Japan combined. These relationships - with EU neighbours, and the US - must and will remain strong. 

"However, we are clear that we must build far deeper ties with new centres of global growth, and rebalance and improve the low trade volumes with India - and this means supporting and encouraging a range of companies - large and small - to do business with and in India in the future."

Two Leicestershire firms are among the many already strengthening their ties in India, with support from UK Trade & Investment (UKTI)

In a bid to expand its already healthy Indian sales, Leicester-based Farsan Food this month opened a new base in Gujarat.   

Managing director Nainesh Patel, who is currently in India as part of a two-week tour to market the new factory and products to supermarket chains, said:

"We set up a new factory here so we can ensure quality control and have more direct contact with samosa outlets. In setting up our Indian premises we've had a lot of help and support from local UKTI embassy staff in terms of getting advice on licences, legal requirements and other red tape, so things ran smoothly.

"There's huge potential for UK companies in India. Although we are a UK company selling snack foods such as samosas to an Indian market, we give the product a British twist so it has a unique taste for Indian customers.

"Leading up to our decision to expand in India we always had regular contact and advice from our local UKTI advisers and attended trade missions which helped lead to new business and contacts."  

Hinckley engineering firm, Re-Ball has partnered up with Leicester based motor repair firm Alpha Electrics Ltd, which has the links in India to set up a new repair service to support the Indian motor industry.  Re-Ball is also planning to go on the regional UKTI Indian market visit in March to expand on export opportunities.

Company director Anne Ford said:

"The UKTI market visit to India in March will help us focus more on this market and build on the relationships we are starting to get out there thanks to our new partnership with Alpha.  UKTI have always been very supportive to us. Our recent win as their regional new exporter of the year is already helping us raise our profile, many UK customers have commented on it and we hope potential overseas customers will be as equally impressed"

Peter Hogarth, International Trade Director for UK Trade & Investment in the East Midlands, said:

"We have a number of companies across Leicestershire succeeding in India such as Re-Ball, who is helping set up a dedicated repair facility to support the Indian motor industry and Farsan foods who opened a new base in Gujarat this month selling samosas direct to an Indian market.

"The Indian market is booming. It's currently the fourth largest investor in the UK and we want to help local firms get a piece of the action and that is why we have two trade missions heading to India in March.