New Delhi, March 13, 2006 (PTI)

Indian businesses can invest in a lot of sectors such as agriculture and software in US province of Iowa, the industry chamber FICCI said on Monday.

"Iowa offers opportunities for Indian companies to invest in sectors such as biotech, agriculture, real estate, defence, banking, telecom, infrastructure, manufacturing," Mr Saroj Poddar, president, FICCI, said at a function to welcome the visiting Iowa Governor, Mr Thomas J Vilsack.

The total Indian software services and exports to the US in 2004-05 were $17.2 billion and the chamber predicts the software services exports to touch $48 billion by 2008. Highlighting India's economic growth, Mr Poddar said, "the biggest achievement was being able to contain inflation," which was 4.5 per cent in 2005-06.

The chamber has also advocated a free trade agreement with the US to boost business prospects of both the nations.

Mr Poddar said that India was already a global outsourcing power with over 100 global companies such as Monsanto, Eli Lilly, Texas Instruments, AVL Australia moving their R&D works to India. The state representative of Iowa, Ms Swati Dandekar said, "both India and US were entering into a new era of political and economic partnership."

She also urged the trade delegation that accompanied her to "experience first hand the opportunities and challenges of doing business in India."

The trade delegation included representatives from areas of agriculture, business, universities, trade organisations and law firms.