Cable said focusing on increasing the training opportunities young people have would be an important part of bolstering the economy and increasing employment levels.
The Association of Employment and Learning Providers (AELP) have released a document encouraging the government to adopt policies that will help young people gain the skills they need for employment.
The AELP call for investment to help young people be 'work ready' by the time they leave school, for more funding to be ploughed into apprenticeship initiatives, and for young people who are out of education and unable to find work to be offered work experience placements.
Martin Dunford, chairman of the or AELP, said: "It is vital that scarce Government funds are rigorously targeted on apprenticeships and traineeships as the highest priority skills provision and that this targeted funding is properly made available to those providers with the demand from employers and best able to deliver successful outcomes."
The document's release coincides with figures that show the number of temporary and permanent vacancies in the UK is increasing.
Data from REC and KPMG, found that the number of jobs available had increased at its highest rate for six months over May.
Despite that, the data revealed something of a skills mismatch, with employers struggling to find candidates with the skills they need. The AELP argue that an increased investment in training programmes would help to address this situation.