Prime Minister David Cameron launched Thursday a large-scale drive to attract investment in Britain in an attempt to use the Olympics to lift the country out of recession.

Around 4,000 business leaders and politicians were brought together in London on the eve of the start of the Olympic Games by the British government, hoping to seal deals and projects worth one billion pounds (about 1.56 billion U.S. dollars).

Guests at the Global Investment Conference include the International Monetary Fund's managing director Christine Lagarde and Google's executive chairman Eric Schmidt.

"I believe the legacy of these Olympics can be about many more things as well as great sport - for instance, it can be about great business too," Cameron said.

"Yes, I want medals for Britain. And there will be no more passionate supporter of Team GB than me. But I've got a job to do this summer. And a big part of that job is to get behind British business," he added.

"My message today is very simply: Britain is back open for business," the prime minister stated, "Invest in Britain, partner with Britain."

The British economy is mired in a deep double-dip recession after the official figures published Wednesday showed a 0.7-percent decline of economic output in the second quarter of this year.

The Department of Trade and Industry predicted the Olympics could generate 13 billion pounds of inward investment for Britain in the next few years, compared with the 9-billion-pound cost of staging the event.

Cameron also defended the economic policies of the government, saying Britain had a "credible and steady plan" in place.