The move comes just months after a high-powered independent group recommended a series of measures which include identifying new opportunities.
Council leader Gordon Matheson has set up the Glasgow Economic Leadership Board with the specific task of establishing the city as a global hub for low-carbon industries.
Board members will also be charged with developing strategies to boost engineering, design and manufacturing life sciences, financial and business services and tourism.
The board will be chaired by Professor Jim McDonald, principal of Strathclyde University, and members will include Benny Higgins, CEO of Tesco Bank, Jim McColl, chairman and chief executive of Clyde Blowers and Stuart Patrick, CEO of Glasgow Chamber of Commerce.
They will spearhead the recommendations made earlier this year by the Glasgow Economic Commission following nine months of consultations with city businesses to reinforce the message that Glasgow is "open for business."
Councillor Matheson said: "The commission will become the blueprint for economic development in Glasgow so it's vital we have the right people in charge of making sure it stays on course."
Mr McColl said: "Glasgow is one of Europe's most dynamic and modern cities and has been transformed into a major centre for business.
"That success has partly been down to the strong partnership that exists between the private and public sectors."
Prof McDonald said: " Our role is clear: to help drive investment and jobs in the city by working with the private sector to the benefit of the city's businesses, institutions and people."