Business Weekly - Cambridge, UK

He foresees that some of these opportunities will lead to significant joint ventures. And he believes relocation and expansion by Indian companies into the East of England will follow as a result of this increased spirit of collaboration.

Speaking exclusively to Business Weekly, Sir Michael also revealed new figures showing that India had now overtaken Japan in second place behind America for the number of investment projects being undertaken in the UK. Based on traditional patterns, this almost certainly means a similar picture for the East of England region.

Sir Michael said it was a "phenomenal leap" by India to spring from nowhere in the rankings to number two and he felt there was more to come from this tiger economy.

"There is no doubt that the East of England is already benefiting significantly from this heightened economic profile," he said.

"There is already a lot of activity by Indian companies in the region and I would say to your companies that there is a huge opportunity for even more business.

"The East of England stands shoulder to shoulder with London and the South East as the regions most likely to benefit from further heightened trade activity."

Sir Michael accompanied senior Indian government officials, including the science minister, on a fact finding mission to Cambridge last year. He said the delegation was still speaking very positively about the Cambridge Phenomenon and the business model manifest through the University's interface with cutting edge technology businesses.

"Looking thematically and sectorally rather than geographically, there are a number of areas in which I see the East of England having an advantage in winning new business with India.

"The majority of Indian companies setting up operations in the UK are in the ICT arena and I predict further growth. The second big opportunity for the region is in biotech - principally through bioinformatics skills that Indian operators can bring to the sector."

Sir Michael also flagged up a new area of opportunity for East of England crop and agri-scientists. He said India had suffered a 40 per cent post-harvest loss this year.

For a country with vast agricultural tracts, the level of rural distress is appalling; there have been more than 1,200 suicides by cotton farmers since the summer of 2005.

Right across the range of crops India endeavours to harvest, poor science can be measured in plant failure and a depressing toll in human lives.

Sir Michael believes that the kind of agri-science available in this region, at research hubs such as the John Innes Centre in Norwich, could help India save much more of its crop.

Taking the broader picture, partnerships forged by East of England specialists would help with supply chain management and other key factors of the growing and farming process in India, he added.

But it's not just in cool, hard commerce that this region's best practitioners can help India effect a knowledge based economic revolution. Sir Michael believes the world-class academic profile of the East of England represents another trump card.

He revealed: "Tertiary education services represent a massive opportunity for the region's leading universities, and that doesn't just mean Cambridge.

"I have been impressed to see the efforts of other universities, such as Hertfordshire and Essex, in forging partnerships with countries like China. Now they must put India firmly on their radar.

"The quality of education provision at tertiary level in your region is world renowned. Up until now the Indian tertiary education market has been closed to external providers but this is about to change.

"It is now on India's agenda to open up the sector to outside influencers on a number of fronts, including distance learning and joint degrees. This is a really exciting opportunity for the region's top universities, who are already blazing a trail in Shanghai and elsewhere globally.

"China, in terms of language and culture, is a tougher market to crack but your universities have achieved it. The Indian education system holds greater synergies with the UK model so the market may be closed now but watch it open up in the next two years."

Sir Michael said the Government had been impressed with the commitment to growth made by Indian companies that had put down roots in the East of England.

He cited £160m-turnover company, Satnam Overseas, which established its first manufacturing facility outside of India in Felixstowe, Suffolk.

The rice milling centre, representing an initial investment of £5 million, now exports produce throughout Europe.

Arista Tubes in Stevenage is also thriving internationally under the ownership of Indian company Essel Propack, the largest tubemaker in the world.

And Tata, a massive Indian group with diverse industrial interests in the region, is expanding locally on the automotive and insurance fronts, this latter through heavy investment following its acquisition of Pearl in Peterborough.

Sir Michael also believes that the East of England could spearhead a new surge of floats by Indian companies on London's AIM market.

"I know that Amadeus Capital Partners in Cambridge is aggressively targeting Indian businesses that see UK venture capital investment as smoothing the path to London IPOs.

"We have seen a huge growth in interest from Indian companies in partnering with UK businesses or using our science & technology to improve their business prospects.

"An encouraging number of Indian companies are now looking to the UK as a base to establish a European stronghold - and once they have made that decision they tend to scale up very quickly indeed.

"Given all of this, I would urge East of England entrepreneurs to grasp this significant opportunity with both hands."