IACC will act as a catalyst for sustainable growth of business between India and US with respect to SMEs.
This is in wake of the increasing requirements of SMEs in terms of technology and revenue, inspite of the fact that 72 per cent of Indian gross domestic product (GDP) is directly contributed by micro, small and medium sectors, said S K Jain of IACC.
US small and medium enterprises concentrated on local markets but possessed competitive technology.
Indian SMEs could use their technology through joint ventures or collaborations, he added.
The summit will be held in September 2008 and about 175 small and medium enterprises from India were expected to participate.
The number of SMEs participating from USA was yet to be finalized, Jain added.
The summit would focus on sectors like automobliles and automoble parts, drugs and pharmaceuticals, agro and food processing and services sectors including information technology (IT), biotechnology and education.
Other participants at the summit would be central and state government officials from India and USA, business leaders, consultants and lawyers.