Ms Hyslop will emphasise the enduring links between the countries as she addresses a meeting of the Wales in London forum, which promotes Wales in the capital.
She is expected to say: “There are over 17,000 people born in Wales living in Scotland and over 24,000 people born in Scotland now living in Wales.
“Both our countries, in our different ways, have driven constitutional change over the past 16 years.
“We have both learned to be confident in using the powers we have been given, and bold enough to seek more, understanding that they are best used by the people most affected by them.
“Independence for Scotland can make our bonds stronger.”
She will add: “Independence for Scotland will mean the Scottish and Welsh will no longer be forced to compete for Westminster’s favour to secure better funding.
“An independent Scotland will take responsibility for raising and spending our own money, leaving Wales free to work with England to secure the best possible deal for its citizens. The result will be two countries more united, and better able to focus on the issues that matter to us both.”