The conference will showcase the UK and Scotland as a place to do business and is expected to attract more than 200 senior executives.
A number of venues are currently pitching for the event, which will take place from 22-23 July 2014. A decision on the venue is expected to be made by early December.
Business and political leaders from across the Commonwealth will address the event, which will focus on securing new opportunities, showcasing key sectors and considering the issues that companies and economies across the world face.
The conference will be jointly organised by the Scottish government and UK Trade & Investment on behalf of the UK government.
Speaking from the Commonwealth Business Forum in Colombo, Sri Lanka, Commonwealth Games Minister Shona Robison said: "The Commonwealth Games is the biggest sporting and cultural event Scotland has ever hosted and it presents a huge economic opportunity.
"Scottish exports to Commonwealth countries outwith the UK are worth around £1.8b. With a third of the world’s population living in the Commonwealth, we will use the Games as a catalyst to strengthen economic links and showcase our key sectors and industries where Scotland excels.
"The Commonwealth Games Business Conference will be a chance to get to know business leaders from across the Commonwealth and it will be just one of the many ways we are working to generate long-term benefits for Scotland and leave a lasting business legacy from the Games."
Nick Baird, chief executive of UK Trade & Investment, said: "The Commonwealth Games, and in particular the Commonwealth Games Business Conference, will look to build on the London 2012 Olympic legacy and position the UK as a global leader, in order to generate long term economic benefit for UK businesses and the UK economy. It will also encourage UK companies, individuals and entrepreneurs to showcase their expertise using this unique event as a platform.
"As we move further towards the Commonwealth Games, UK Trade & Investment will be working hard to ensure the best possible outcome and identify as many potential opportunities for UK businesses to export, grow and meet potential overseas partners."