A decade of change has transformed Birmingham into a "prized UK city" competing on both European and world stages, according to David Waller, Midlands chairman of Pricewaterhouse Coopers.

"Birmingham's reputation has changed as rapidly as its skyline. After an intense period of regeneration, the city has become a true jewel among the UK's business and cultural centres and should now be recognised as a key world city," he said.

"Six hundred and seventy thousand overseas visitors came to Birmingham last year, compared to just 590,000 in Manchester, with attractions like the Wheel of Birmingham, Symphony Hall, Bullring, International Convention Centre and Custard Factory development putting the city firmly on the social and cultural map.

"Alongside this, Birmingham is an important centre for business in the UK with the largest financial and professional services sector outside of the capital.

"The sector generates more than £2.5 billion and employs over 100,000 people. It is predicted that this will grow by 20,000 over the next ten years, making it the fastest growing sector in the city.

"At the same time, Birmingham continues to build upon a rich history of technological innovation at prominent research centres including Aston Science Park.

"This has seen the city forge a formidable reputation in the development of knowledgebased industries as well as telecommunications and Information Technology.

"Birmingham can now boast a very impressive pool of creative talent fuelled by the energy of a city firmly focused on its future."

He added: "Architectural innovation can be seen across the city with developments including the £800 million Bullring and the landmark £70 million Beetham Tower at Holloway Circus, which will see an 18-storey Radisson SAS Hotel come to Birmingham.

"The city's accessibility, the diversity and international outlook of its workforce and the quality of life that the city offers has fuelled major changes in the perception of Birmingham as it once was.

"Nothing short of a revolution has occurred, pushing Birmingham right to the top of the UK agenda. To ensure that it stays there, much work remains on the horizon.

"The next decade will see a further £11.6 billion of investment, £9.2 billion of which will be in the city centre.

"Major developments will include Eastside, Attwood Green at Five Ways and a new Centre for Design Excellence to be completed in 2008."