Trade Minister Lord Jones will seek to boost the future gold prospects of UK firms working in the sporting sector at a series of meetings in Beijing.
Lord Digby Jones said sport was now "big business" and that the Olympics gave UK firms the chance to promote expertise to an international audience.
And he said now was "the right time for UK companies to leverage off the prominence of our Olympic win".
The ex-CBI boss is part of Gordon Brown's team "of all the talents".
Olympic contracts
Lord Jones is bringing together UK businesses with key decision makers from future bid and host cities in the Chinese capital today.
Earlier this year, the government launched Compete For - an online business "dating agency" where companies can be easily matched with potential Olympic contracts.
UK Trade and Investment says that 23,000 UK companies have aleady signed up for the service.
“Now is the time for UK business to start bidding for Olympic contracts for 2012 and beyond," Lord Jones said.
Friday's event will bring together decision makers from Madrid, Tokyo, South Africa, Budapest, Rio de Janeiro and Moscow to meet UK firms involved or interested in the global sports sector.
'Expertise and capabilities'
Lord Jones said: "International sporting events are big business, with billions of pounds worth of contracts up for grabs every year.
"The Olympics will act as a huge catalyst for inspiring businesses to grow and internationalise"
"With all the key decision makers in Beijing it is essential that British businesses can promote their expertise and capabilities to an international audience.
"I am in Beijing with British businesses helping them do just that."
International sports events make use of a broad range of sectors including architecture, advertising, audio visual, security, logistics, IT and event management.
Lord Jones said British expertise in staging international sporting events was world class.
"The Olympics will act as a huge catalyst for inspiring businesses to grow and internationalise," he added.
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