The culture prize is expected to boost tourism and investment

Lloyd Grossman, deputy chair of the city's Culture Company, and artistic director Robyn Archer were hosting a reception in the city on Wednesday.

They were revealing the city's business plan to European officials, who were also being entertained with music from the city's South Asian Arts Festival.

Councillor Warren Bradley said it was a chance to boost the city's economy.

"We've got to sell our wares to encourage people to come to Liverpool, not only in 2008 but in the build up and beyond," Mr Bradley said.

"The more people from across Europe we can get to the city to show what a fabulous city it is and what fabulous people live here, hopefully that will encourage them to come and spend their wares in the city."