Glasgow's City Halls and Old Fruitmarket are to be known as Scotland House during the Games and will host a series of business events and meetings between domestic and international companies.
Showcases are also to be organised to demonstrate Scottish expertise in sectors such as engineering, design, tourism, further education and life sciences.
The venue will also be used by Scottish athletes, organisers and sponsors to celebrate successes during the competition and will be open from July 21 to August 3.
The Fruitmarket will hold a programme of public events such as the Team Scotland flag bearer ceremony, part of the Queen's Baton Relay and medallists' nights.
The announcement comes as organisers prepare to unveil the outfit volunteers and Glasgow 2014 staff will wear during the Games at an event in the city later today.
Michael Cavanagh, chairman of Commonwealth Games Scotland, said: "Scotland House will provide that vital safe haven for the athletes and their family and friends, and be the focal point for team sponsors and supporters to celebrate Scottish participation and success.
"With the added strategic cultural and business engagement opportunities which are being built into the programme, Scotland House will be the perfect showcase for all that is great about Scotland and the Commonwealth Games."
Glasgow City Council leader Gordon Matheson believes the Games is a unique opportunity for Scottish businesses to establish links with overseas companies.
He said: "The Glasgow business embassy within Scotland House will allow local firms and organisations to make the most of this once-in-a-generation opportunity to connect with overseas markets including Australia, Canada, New Zealand, Singapore and Jamaica, promoting the fantastic opportunities in the city to a global audience."
Scottish Enterprise chief executive Lena Wilson said: "Our extensive programme of business events at Scotland House will showcase some of our country's most exciting sectors and companies to an international audience.
"We want to connect Scottish businesses with new and emerging international commonwealth markets, opening up new avenues for growth and collaboration.
"During 2014, we have an unparalleled opportunity to build a long-term international trade and investment legacy for our economy through a host of exciting business activity that we, and our partners, will deliver."
It follows on from the running of a Scotland House at the Delhi Games in 2010 and is a partnership between Games organisers, the Scottish Government, sportscotland, Glasgow City Council, VisitScotland, Scottish Enterprise and Creative Scotland, with each body contributing equally to the £500,000 budget of the venue.