The main objective of the initiative is to move the islands' economies closer to self-sufficiency, said David B. Cohen, deputy assistant secretary of the Interior for Insular Affairs, U.S. Department of the Interior, who was in Honolulu to promote the conference.

At the same time, businesses, especially those based in Hawai'i, could benefit, he added.

"We want to provide a forum where the right people come together and pursue opportunities," Cohen said. "And Hawai'i is in the best position to take advantage of these opportunities."

Hawai'i is the closest state to six of the islands, with an established business community and strong educational institutions, he said.

Cohen addressed concerns that having U.S. companies expand overseas might have an adverse impact on the U.S. economy.

"It is clearly not our intention ... that businesses close up operations in the U.S. and move to the islands," Cohen said.

A wide variety of industries could flourish in these islands, he said, including, construction, environmental technology, education, and travel and tourism.

For example, a hotel chain from California could open a resort in American Samoa, creating jobs in the island and opportunities for U.S.-based contractors.

Or an educational institution in Hawai'i could open up a satellite school in the Northern Mariana Islands to teach U.S.-style business management catering to Asian and Pacific Islander students. That would take advantage of Hawai'i's location and the unique legal status of the island, which would allow foreign students to learn American-style management without the headaches of obtaining student visas to enter the United States.

These potential opportunities will be discussed at the conference, scheduled for Sept. 23 and 24. Last year's conference — the first — lured nearly 600 participants — almost six times more than organizers had expected.

And there's money to be had for companies interested in pursuing business opportunities in the islands.

In addition to money being channeled to these islands through annual grants, the federal government recently renegotiated a compact of free association with the Marshall Islands and the Federated States of Micronesia that will bring $3.5 billion in grants over the next 20 years to the two islands.

Grants will be awarded based on how projects meet six priorities: health, education, environment, private-sector development, public infrastructure and public-sector capacity building. Financing would support such projects as teacher education, environmental technology projects and the construction of schools.

The Department of the Interior will maintain closer control and oversight of the grants and how they are used, Cohen said, to avoid misuse or abuse. "We are much more actively managing how these funds are allocated," he said.

The department's role is to facilitate interaction and the exchange of information that might lead to business activity — not to support specific projects, he added.

That, Cohen said, will be up to the people of each island through their elected officials.

"I'm very strongly philosophically opposed to micromanaging the affairs of these people," Cohen said. "It should be up to the people of the islands to decide."