Royal Armouries (International) marketing director Chris Owen told C&IT he believed the year-long project - which involves a marketing campaign as well as the appointment of four sales executives - would prove beneficial for Leeds venues.
He added that the appointment of Gary Verity as chief executive at Welcome to Yorkshire last year had helped drive business.
"We are one of the big venues in the region and since Gary Verity has arrived we have seen definite growth in interest and inquiries," explained Owen.
Sheffield City Hall's general manager Dominic Stokes added the cash injection showed there was real commitment to driving business tourism in the region.
"From our point of view it is really welcome, particularly in these difficult financial times," said Stokes. "It is commitment, and that is what we like. It is not just rhetoric, so over the next few months and year it will hopefully have an impact."
Harrogate International Centre director Stuart Quin agreed: "Business tourism for Harrogate is an important part of our local economy and we work closely with Welcome to Yorkshire, who held their annual conference here in April. We are delighted they are investing heavily in this sector, it sits alongside our own £13m investment in two new event halls due for completion at the end of next year."