Britain and fellow Olympic host nation Russia have signed a deal to try to make the most of staging the Olympic Games, it was announced today.

Through the Host2Host deal Britain, hosts of the London 2012 Olympics and Paralympics, and Russia, hosts of the 2014 Sochi Winter Games, have pledged to set up a working relationship which develops economic and sustainability legacies from the Games.

Britain has already signed Host2Host agreements with Singapore and Vancouver, hosts of the 2010 Youth Olympic Games and 2010 Olympic and Paralympic Winter Games respectively.

Trade and Investment Minister Lord Davies, who signed the deal in St Petersburg where he is attending the International Economic Forum, said: "We know that trade is a crucial driver of the world economy, but it is not always recognised that global sporting events constitute a multi-billion pound opportunity for business.

"British companies have an unsurpassed track-record for expertise, innovation and professionalism in delivering major global sporting events.

"Today's agreement will help us to access opportunities and showcase that talent to potential partners in an important market."

British companies won £2 billion of business in helping deliver the Beijing Games ranging from consulting engineers on Olympic landmarks like the Bird's Nest to being suppliers of emergency power and temporary kitchens.