Dublin is losing out on tourist revenues by not having an internationally renowned cultural building, the Dublin Chamber of Commerce said yesterday.

The organisation - which represents 1,600 firms in the capital - said that the capital lacks a cultural focus, and has called on the government to invest in a "flagship" building to house major works of art.

"There is no single point of contact for culture in Dublin," Gina Quin, the chief executive of Dublin Chamber of Commerce said yesterday. "There is no-one to bring together the diverse range of cultural attractions the city has to offer and present them in a packaged structure for visiting tourists," she added.

According to the chamber, the Guggenheim in Bilbao has generated 18 times the cost of the initial investment, while the Tate Gallery of Modern Art in London generated £100 million (€145 million) in revenue in the first year of its operation.

Ms Quin also called on the Government to appoint a "cultural ambassador" to champion Dublin as a location for cultural tourism.

"If we don't act soon, we fear that Dublin will rapidly fall from its place as the third most popular destination in Europe for short city breaks."