According to the Big City Plan, Birmingham can expect to become the focus for creative industries in the UK.
With a need for a model for "tomorrow's work, live and learn urban environment" identified by the Eastside Media Quarter, the charter said the city needed to aim for its own version of Dublin's Digital Media Hub and Manchester's Knowledge Quarter.
By embracing the digital age, it said the city would be connected to the rest of the world and reflect its cultural diversity.
"We need the equivalent of what Soho and Clerkenwell are to London - great dynamic places that welcome alternative lifestyles, innovation and creative culture - music, art, theatre and film," it said. "In doing so, we must ensure that we do not kill the essence of the place - its underground activities, the informal industries, the patina of the place. What we don't do may be as important to what we do."
In addition, the charter suggested the creation of a Food Quarter in Birmingham, with a focus on independent restaurants, retailers and street markets. This, it said, would help to create vibrant and interesting streets as an alternative to the high street offer.
It said: "We should build on the reputation of the Rag Market, the Christmas Market and the Farmer's Market to promote other street markets in the city centre creating a rich network of activity in our streets.
"Birmingham should embrace the principles of the Slow City movement in Europe and, like Bologna, should actively market its cultural diversity in its eating places and events".
Marketing Birmingham chief executive Neil Rami, said: "We're quite excited about the work that has been undertaken by Urban Initiatives so far. There are many great ideas that are worth developing in the Big City Plan.
Not least of which, we need more emphasis on developing new infrastructure to support the creative industries and in developing a more eclectic, independent food scene here. Whilst there's clearly much work to be done in making these thoughts reality, we're keen to play our part and to get involved in the next stage."