Washington, Sep 4 (IANS): The Federation of Indian Chambers of Commerce and Industry (FICCI) is undertaking two major initiatives in the US this month to bring home business opportunities that exist for each country in the other.

The first initiative, US- India Economic Opportunities and Synergies Summit in Chicago Sep 19-20, organised in partnership with the Executives' Club of Chicago (EC) and the Chicago Council on Global Affairs, will explore the opportunities and challenges in business development in both countries.

A part of the centennial celebration of EC, one of the oldest and most respected business organizations in the US Midwest, the summit is a "very serious step forward in growth of economic relations" with the states in the region, Ranjana Khanna, FICCI assistant secretary general, said.

Noting that seven states around the Great Lakes hold an annual summit with Japan, she said starting with Illinois with a mix of financial services, IT and its strength as a manufacturing hub, "we'll see how far we can take it from there."

The summit is expected to be attended by Indian Minister of Commerce & Industry, Anand Sharma, Power Minister Sushil Kumar Shinde, New & Renewable Energy Minister Farooq Abdullah, and top government officials besides captains of Indian industry like FICCI President, Harsh Marwala and Bharti enterprises Vice Chairman and managing director Rajan Bharti Mittal.

Chicago Mayor Rahm Emanuel, who served as President Barack Obama's first chief of staff, Illinois Lt Governor Sheila Simon and leading Illinois based US firms will participate in the summit which will have a special session on collaboration opportunities in Karnataka.

Karnataka, Khanna noted, is the first state to open up in terms of foreign investment across sectors, from IT to health to life sciences.

The second FICCI initiative, eighth India Investment Forum Sep 22-23 in New York will be kicked off a day earlier with Finance Minister Pranab Mukherjee relating "India's Continuing Growth Story" at a special session. Abdullah will deliver the opening keynote address Sep 22.

Prime Minister Manmohan Singh's advisor T.K.A. Nair will speak about "How India makes sense as an investment destination" while Reserve Bank of India deputy governor Subir Gokarn will provide a "Macro overview on inflation and monetary policy" in the trillion dollar Indian economy.

The largest and most high-profile India investor annual event in New York will also feature sessions on Indian capital markets, meeting India's need for energy, India's divestment programme, opportunities in India's infrastructure and defence sectors and the hungry Indian consumer.