Visit London and VisitBritain have joined forces to form a dedicated industry group with the aim of capitalising on the opportunities for business tourism created in the lead up to the London 2012 Olympic Games.

The group, called the London 2012 Business Tourism Team, is supported by the London Organising Committee of the Olympic Games (LOCOG) and headed by David Sharpe – Merlin Entertainments Group's divisional director for London.

The team, which will also consist of senior figures across the tourism industry, will work to develop a range of initiatives such as the Fair Pricing – Fair Practice Charter, which is intended to prevent price rises during 2012 Olympic Games. The charter is due to be formerly launched after 24 August, when the Beijing Olympics end.

Other plans include an annual industry conference beginning 2009 and a series of networking events.

David Hornby, commercial director at Visit London, said: "We want to engage with the wider industry at a senior level to build on the work we have already done and to create a lasting legacy for the entire tourism industry throughout the UK."

Joss Croft, head of business visits and events at VisitBritain, said: "London 2012 provides enormous opportunities for the industry and this will give business tourism an even greater voice over the next four years and beyond."

The formation of the team will be announced on 17 September.