Wellington City Council chief executive Kevin Lavery wants a fund set up to help kick-start new business initiatives.
He addressed a meeting of the Wellington Employer's Chamber of Commerce on Tuesday about making the relationship between the council and businesses stronger.
Mr Lavery said businesses provide half of the tax base in Wellington and getting that base growing and doing well would be beneficial to everybody.
Mr Lavery said quite a lot of opportunities bubbling under the surface, including visitor attractions, a conference centre and deals with Australian investors.
He suggested the establishment of an economic development initiative fund, that would be created from the council's surplus this financial year.
Mr Lavery said the new fund would help clinch some of those deals and lead to more jobs.
Councillors will vote on the fund's establishment next week.