Miliband said the scheme would create 125,000 apprenticeships over the next parliament term.
The proposals are designed to help ease the UK's unemployment levels and skills shortages in key sectors such as engineering and technology.
The plan would affect foreign nationals under Tier 2 of the points-based immigration system – those offered a skilled role that cannot be filled by a settled worker.
Under the plans all firms with more than 50 employees will have to train an apprentice for every worker they hire from outside the EU.
Speaking ahead of his key speech at the Labour Party conference in Brighton, Miliband said: "We're going to say to any firm who wants to bring in a foreign worker that they also have to train up someone who's a local worker, training up the next generation."
However, business lobbying group the CBI warned that Miliband's plans could lead to more red tape.
"We'd like to see more apprentices being taken on and agree that training through schemes such as apprenticeships are the long-term answer to skills shortages," said Neil Carberry, CBI's director for education and skills.
"However, we'd be concerned these proposals could add to red tape for firms. If we want to get more businesses offering more apprentices, it will be crucial to keep bureaucracy to a minimum and to make sure employers are in the driving seat when it comes to targeting funding."
Minimum wage
Miliband has pledged to "crack down" on employers that fail to pay workers the minimum wage and would look at setting a higher minimum wage in certain sectors such as finance.
Speaking yesterday on the BBC's Andrew Marr show, Miliband said: "The minimum wage must be set at a level where it is not going to cost jobs, that's really important and so that's what we have got to look at."
Asked if the basic minimum wage would go up, he said: "That's something we are going to look at.
"I want to see the minimum wage go up over time, but if I was coming on this programme and saying I'm just going to pluck out of the air, a figure of how much the minimum wage will go up by, you would say 'is that really responsible?'."
