There are many interesting businesses on the S&P/ASX 200 Index (ASX: XJO) that could offer investors good returns.

There are lots of different types of companies to choose from, such as cyclical ASX mining shares, fast-growth ASX tech shares or resilient ASX industrial shares.

The largest listed investment company (LIC) on the ASX, Australian Foundation Investment Co Ltd (ASX: AFI), has just held its annual general meeting (AGM) and highlighted two ASX 200 shares that it thinks are opportunities.

While it owns dozens of businesses, only a certain number of them are classified as 'growth companies' within the AFIC portfolio. The two below businesses are ASX 200 shares that the LIC's investment team likes.

ARB Corporation Ltd (ASX: ARB)

AFIC described ARB Corporation as a founder-led global business operating in the 4WD parts and accessories market.

One of the things that the investment team likes about ARB is that it's vertically integrated. It controls all aspects of its business across design, development, manufacturing, distribution, and retailing.

AFIC believes the company has a "significant long-term opportunity supplying branded parts directly to 4WD manufacturers".

There were two other positives that the investment team highlighted – the company's "excellent" balance sheet and its "experienced" management team.

In the recent 2024 financial year result, the company reported that its total revenue increased by 3.5% to $699 million, the net profit grew 16.1% to $102.7 million, and the annual dividend per share rose by 11.3% to 69 cents.

Carsales.com Ltd (ASX: CAR)

The other ASX 200 share that AFIC highlighted was the leading online auto classifieds business, Carsales. It has market-leading positions in Australia, the USA, South Korea, and Brazil.

AFIC said that the management team have a long-term track record of delivering strong returns for shareholders.

According to AFIC, one of the main advantages of its global operations is that it can leverage its intellectual property from Australia to accelerate growth in international markets.

The investment team believes a "significant long-term opportunity remains within all operating markets."

In the FY24 result, the ASX tech share reported that its revenue increased 41% to $1.1 billion, adjusted net profit rose by 24% to $344 million, and bottom line (statutory net profit) fell by 61% to $250 million. The FY23 result included a $487 million gain on the acquisition from Trader Interactive and webmotors, according to Carsales. In FY25, Carsales is expecting to deliver "good growth in revenue, adjusted EBITDA and adjusted NPAT" on a constant currency basis.