Proposals for a new £350m international convention centre (ICC) in the centre of London were given the go-ahead last week.
An independent commission set up by Mayor Ken Livingstone concluded that the case for a purpose-built venue which could compete with centres such as the Palais des Congrs in Paris was "feasible, justified, necessary and overdue".
The commission, funded by the London Development Agency, estimated that building an international centre in London would cost between £250m and £350m but would create 5,500 jobs and boost the city's economy by £400m a year.
The ICC has already received widespread support from the British Hospitality Association (BHA), the Confederation of British Industry, VisitBritain and Visit London. Hotel groups Hilton, Marriott, Sheraton and Thistle have also pledged their support.
Work is now under way to find a central London location and necessary funding for the centre, which would seat up to 5,000 people.
Chairman of the committee and deputy chairman of Camelot Gerry Acher said the group would target private and public-sector cash.
"Finding financial backing is one of the major challenges," he said.
Acher said the committee would be aiming for 50% private investment in the project, with the rest of the cash coming from the public purse.
A spokesman for the BHA said it "fully backed" the plans, and although the question of funding had yet to be decided, hopes for 50% private backing were "optimistic".
Thistle chief operating officer Beverly King said: "London would unquestionably benefit from a large, purpose-built convention centre.
"The amount of wealth these centres deliver to a destination is phenomenal."
By Jessica Gunn
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