The government is bidding to build on the UK’s tourism boom by targeting the growing conference market to bring more business events to the UK.

The move was announced by culture secretary Sajid Javid in his keynote speech at the ongoing World Travel Market event in London.

Javid said his department is working on a strategy that will be launched later this year to capitalise on an industry that could be worth £48.8bn to the UK by 2020.

The UK’s business events industry currently employs 530,000 people and Javid is eager for this sector to take lessons from the success of sporting events such as 2012 Olympic Games, the 2014 Commonwealth Games and the Grand Depart of the 2014 Tour De France in Yorkshire.

The wide-ranging strategy to host more major international conferences, trade fairs and expos will look at the roles played by government and industry and set out what action the UK needs to take to punch above its weight in this market.

“We are already world leaders in holding major diplomatic and sporting events, said Javid. "There is no reason we can’t be the number one destination for trade events that will help British business and the economy.”