The biggest gathering of key business and public sector organisations from across the region met at the annual conference of Advantage West Midlands in Birmingham today to hear how the region is responding to the economic crisis.

Around 600 delegates at the �Meeting the Challenge� conference at the ICC heard the regional development agency�s chief executive, Mick Laverty, and regional minister Ian Austin MP outline a range of new initiatives aimed at helping businesses get through the credit crunch.

One of these initiatives will see the formation of a new Taskforce of linchpin partners from the public and private sector to monitor the region�s economy and to prepare rapid and effective responses to any future economic shocks. It will meet for the first time on December 4th.

The Taskforce will be modelled on the successful MG Rover Taskforce pioneered by Advantage West Midlands following the collapse of the Longbridge car plant in 2005. The taskforce model could now be adopted by regional development agencies across the country.

Mr Laverty said: �This is a unique West Midlands gathering of leaders from government, business, regional agencies, local authorities and trade unions � the perfect forum in which to announce how the region is responding to the changing global economic picture.

�We are not just waiting patiently for the storm to pass � the economic initiatives announced today show that this is a region which is determined to meet the challenges ahead. One of the key messages to the 600 delegates here today is that in order to meet those challenges, we need to share best practice and work more collaboratively as partners.�

One of the first jobs of the new West Midlands Taskforce will be to take part in a special Regional Economic Summit, also on December 4th, involving businesses, banks and finance institutions.

The ICC was also the venue for today�s inaugural meeting of the West Midlands Council of Economic Advisors, a new forum to enable businesses to feed back their first-hand experiences of the economic crisis to decision-makers at regional level and in central government.

Both the taskforce and advisory panel will be chaired by Mr Austin.

Mr Austin said: �We know these are extraordinary times, and Government focus, from Number 10 down, has to be on doing all in our power to safeguard the stability of our economy.

�The West Midlands Council of Economic Advisors will ensure that the voice of the West Midlands business community is clearly heard during this difficult period. And when national policy decisions are made, I will ensure they meet the needs of businesses and communities across the length and breadth of the West Midlands.

�I have also called on Advantage West Midlands to take the lessons learnt from the success of the MG-Rover response to create a new regional taskforce charged with helping local businesses cope with the increasing demands of the current economic downturn.

�It will prevent job cuts where possible, and where not, minimise the impact of redundancies on our local community and of reductions in production on the regional supply chain.

�We will emerge from this downturn, but until that happens, our challenge today as a region is to continue to drive up skills, attract more businesses and investment, promote enterprise and create jobs.�

Economic advisors on the panel include business figureheads Chris Clifford, regional director of the CBI, and David Caro, chairman of the Federation of Small Businesses, regional MPs Ian Austin, Pat McFadden, Ian Pearson and Sion Simon, and Advantage West Midlands chairman Nick Paul.

Mr Paul said: �Advantage West Midlands had already stepped in earlier this year with a �64 million package of investment support in response to growing concerns about the economy within our business community.

�As an Agency, we have a proven track record of handling economic shocks to the region. The MG Rover Taskforce, which we created after the Longbridge plant closure, is universally recognised as a major success. We have also delivered effective responses during the foot and mouth crisis of 2001 and floods of 2007.

�We are now building on the lessons and experience learnt from those crises to move the region forward on a positive footing.

�We are working hard to ensure we strike the right balance between responding to the challenges thrown up by the current economic crisis and maintaining our focus on the five challenges in the West Midlands Economic Strategy � developing enterprise, innovation, skills, economic inclusion and transport.�

Keynote speakers at today�s conference included David Smith, chief executive at Jaguar Land Rover, and Jon Gisby, director of new media and technology at Channel 4.