An independent Scotland could sell water to England if drought persists south of the Border, Alex Salmond has told a group of schoolchildren.
The First Minister also suggested Scotland could become famous internationally as a "land of clean water".
However, Scottish Labour accused the SNP of not thinking the plan through, saying the infrastructure that would be needed to transport water the required distances did not exist.
Mr Salmond's comments come as millions of people across the south-east of England brace themselves for a hosepipe ban.
The region is in the grip of drought following two unseasonably dry winters.
Grilled by pupils from three Scottish schools yesterday on the effects of independence he also said "many things will not change", including most people's day-to-day routine.
But Scots would be given the ability to "shape their future", he said.
Asked if an independent Scotland would sell water to other countries, Mr Salmond said it could be considered in the future.
"Water is going to be a very important resource," he said. "We are going to develop our water company so it can do things internationally."
He added it would be a "great thing" if Scotland became known as the "land of clean water".
The First Minister went on to describe the developing drought in England as "major" and suggested there could be "long-lasting water shortage in parts of England", adding: "There might well be an argument at some time for the transportation of water resources. And because it costs to transport you would sell it on that basis as an ongoing commercial transaction."
Last weekend Scottish ministers wrote to the Coalition Government offering help if water supplies south of the Border ran low.
Alex Neil, the Scottish Infrastructure Secretary, said it was "only right" to offer assistance when Scotland had a "plentiful supply of water".
However, he did admit there were still "huge logistical issues" with supply but pointed to a call from Boris Johnson, the Mayor of London, for a national water grid equivalent to the one for electricity. However, Scottish Labour poured scorn on the idea.
A spokesman said: "We'll certainly need to sell something if we separate and want to balance the books, but, quite in keeping with his character, the First Minister hasn't thought this one through.
"It is vastly expensive to transport water, the infrastructure to do it doesn't exist, and it is unclear what government is interested in buying it."
The UK Government has warned the drought in the south-east could spread as far north as Yorkshire unless rainfall increases dramatically.
Millions of households across England will have a hosepipe ban enforced next month.
Two unusually dry winters in a row have left seven water companies across southern and eastern England with no option but to bring in the bans from April 5.
Worst hit are expected to be farmers, which could up the price of foodstuff across the UK.
Power stations, which need large amounts of water for cooling, could also be badly affected.
Experts also warn the lack of water could prompt woodland fires.
It is thought 20 million people could be affected by the restrictions. However, ministers said that introducing hosepipe bans now could offset further pain this summer and help protect the areas most affected by low levels of rainfall.
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