"India and Britain may explore possibilities of co-operation and collaboration in the MSME sector in the fields like skill development, entrepreneurship development, technology transfers," British High Commissioner Sir James Baven said.
He also expressed happiness over the formation of the new NDA-led government.
As per the figures of UK High Commission, between 2010 and 2011, the trade between the two countries grew by 23 per cent. In 2011, the total trade volume stood at 16.8 billion pounds.
UK is the seventh largest exporter to India. However, India is UK's 18th largest export market worldwide and third largest export market in Asia after China and Japan.