Commerce Minister Lianne Dalziel said, when launching the taskforce, that improving the investment environment was a key part of the Government's economic transformation strategy.
"To deliver wealth and jobs, New Zealand firms need ready access to affordable capital. The taskforce will identify ways to make this happen."
The Capital Market Development Taskforce would report to senior ministers, including Finance Minister Michael Cullen, Economic Development Minister Pete Hodgson and Associate Finance Minister Trevor Mallard.
Ms Dalziel said New Zealand's capital markets had improved recently, boosted by the 700,000 people who had joined KiwiSaver.
However, to strengthen the market, the breadth and depth of the country's capital markets must continue to be developed.
Mr Cameron said the formation of the taskforce was a timely opportunity to position New Zealand's capital markets in a rapidly evolving global environment.
"In order to produce a working blueprint that will support the growth of New Zealand's firms, we'll need to look at the current state of our capital markets, the international context, future risks and opportunities and key changes necessary to deliver the best possible financial system for New Zealand."
It would be a challenge the taskforce welcomed, he said.
The first meeting would be held on July 31 and the taskforce had about a year to prepare a blueprint and action plan.
Support would be provided by the Ministry of Economic Development, Treasury, the Reserve Bank and the Inland Revenue Department.
Private sector members of the taskforce are: Mr Cameron (Cameron Partners), Adrian Orr (New Zealand Superfund) Franceska Banga (NZVIF), Jonathan Ling (Fletcher Building), Rob McLeod (Ernst and Young), Gareth Morgan (Gareth Morgan Investments), Cathy Quinn (Minter Ellison Rudd Watts), Scott St John (First NZ Capital), Mark Weldon (NZX) and Nigel Williams (ANZ-National Bank).
Ms Dalziel said other economies recognised the same need.
Last month, the United Kingdom and Australia had announced major work in the same area.
