The pair agreed that political ties should be upgraded with economic cooperation and that a Slovenian-Indian business council is to be organised for this purpose with the help of the Slovenian Chamber of Commerce and Industry (GZS) and other partners.

They also touched on the free trade agreement between the EU and India, calling for a conclusion of the negotiations as soon as possible, the Economic Development and Technology Ministry said in a press release.

Žerjav and Sharma attended the central panel of a partnership summit organised by the Confederation of Indian Industry (CII).

The Slovenian minister said in his address that while Slovenia cannot be a global super power, it can be a leader in specific areas and focus on niches and products and services with high added value.

He mentioned ultralight plane maker Pipistrel, skis maker Elan, pharma companies, green technology-oriented companies, car parts makers, and companies from the fields of energy and IT.

Slovenia and Europe are too small for such successful companies, which is why they are looking for partners in all parts of the world, Žerjav said.

This was underlined in India with the signing of several agreements between Slovenian and Indian representatives, including of a cooperation memorandum between the GZS and CII.

Moreover Slovenian industrial group Kolektor signed a letter of intent with the Gudy Family and CMC Commutator and car electronics maker Letrika with Roots Industries India.

The Kolektor letter envisages the group taking over 51% of CMC, while Letrika and Roots Industries are planning a joint venture for the production and sale of starters and alternators.

Žerjav was also scheduled to meet today the chief minister of the Indian state of Uttar Pradesh, Akhilesh Yadav. Uttar Pradesh is the largest among India's 28 states and would be the world's sixth largest in terms of population if it was an independent country.

Žerjav, accompanied by a business delegation, began his visit to India on Sunday and will conclude it on Wednesday.