The chief executives pledged to improve the work experience initiatives in their businesses.
Business secretary Peter Mandelson said: "Our young people expect government and business to work hard together to help them acquire training and work experience in order to strengthen their skills and employability.
"We are participating in this and offering both graduate internships and apprenticeships within my department and I am in discussions with our human resources department to expand and improve the opportunities we can provide for young people."
Sir Stuart Rose, chairman of Marks & Spencer and Business in the Community, chaired the event. He said: "Our success as a nation is dependent on the future workforce. This is the start of a national business-led movement to get employers across the country to improve the work experience they offer."
