Adam Cougle will be the first chief executive officer of the company, which will aim to attract new enterprises to the region and support the growth of existing local businesses.

Mr Cougle said his role was to attract new outside investors to Lake Macquarie, which would facilitate business opportunities for both new and established businesses.

"Ratepayers will benefit directly and indirectly from an increase in economic prosperity," Mr Cougle said.

"I am confident that this city, with its blend of natural assets, talented people and geographical location, is poised for growth in investment, business development and employment."

Mr Cougle plans to use Lake Macquarie's abundance of natural features such as the lake, beaches and nature reserves, along with its closeness to Sydney and the Hunter region, as selling points.

"We are well positioned to succeed in the company's primary objective of unlocking and strengthening the economic growth potential of Lake Macquarie City," he said.

With its train station and close proximity to the M1 Motorway, Morisset is one of the suburbs Mr Cougle plans to use to lure potential investors.

The Lake Macquarie Economic Development Company will begin activities at the start of July.