Economy Minister Conor Murphy made the announcement when he visited the campus on Friday.
There has been a long-running campaign to boost student numbers at the campus and a 10,000 student target was included in the New Decade, New Approach agreement, which restored the power-sharing executive in 2020.
Nicola Skelly, executive director of the Washington Ireland Program, was appointed vice chair.
Minister Murphy said: “The expansion of Ulster University’s campus in Derry is key to promoting regional balance, in line with my economic vision.
“Increasing the city’s student population will be a catalyst for economic development in the North West region. The taskforce will put together a comprehensive plan for expansion, including the capital and infrastructure requirements, and the wider environment needed in the city for the student population to grow and thrive.”
He said Mr Kelly and Ms Skelly’s leadership will ensure the delivery of a new action plan.
Stephen Kelly said: “I am delighted to have been asked by the Minister to lead this piece of work which is critical for both the university and the North West.
“I look forward to working with all taskforce members and other stakeholders, including the local community, to ensure delivery of a campus for 10,000 students at Magee, which supports the Minister’s economic vision.
“There is a lot of work to do and we plan to get started immediately.”
Membership of the taskforce will consist of representatives from a range of organisations in higher education, business, the trade union movement, the voluntary and community sector, government and local government.
Professor Paul Bartholomew, vice-chancellor of Ulster University, will represent the university on the taskforce.
Professor Bartholomew said: “At Ulster University, we remain completely committed to growth at our Derry campus, in line with our strategic commitment for better regional balance.
“We welcome the launch of this taskforce and look forward to working together with the Minister, the Department, and the wider taskforce to explore together how the operating environment might be developed to facilitate further and sustainable growth in Derry.”
The taskforce is expected to deliver an action plan within nine months of appointment and will initially be in place for a three-year term.
The first meeting of the taskforce is expected to take place in early April.
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