The Fife Taskforce will meet again in a fortnight to agree a draft action plan to support economic growth and job creation in central Fife.
The group first met on Thursday following the announcement that Tullis Russell in Markinch has gone into administration with the loss of 325 jobs.
It was co-chaired by Deputy First Minister John Swinney and Fife Council leader David Ross.
The meeting agreed administrator (KPMG) will continue to explore all commercial options for the plant, with support from key public sector agencies.
Those made redundant will get support and PACE has arranged a specific event for Wednesday.
It was also decided there will be engagement with private sector businesses that have offered assistance.
The taskforce is organising, with the Fife Economy Partnership, a joint event with major employers and is writing to business organisations to see what assistance members can offer.
In a separate meeting organised by trade union Unite, more than 300 workers from the Markinch paper mill met in Glenrothes on Thursday with emotions running high following the shock redundancies.
The workers, informed of the job losses early on Monday morning with phone calls and messages without any consultation, are demanding answers from absent directors who claimed only last month that jobs were ‘safeguarded’.
Unite said the redundancies are the “last straw” for workers’ rights in Britain and have called for the urgent strengthening of redundancy laws.
Unite regional officer Dougie Maguire said: “Let’s be clear that Tullis Russell directors have serious questions to answer about how this company was so suddenly plunged into administration and the workers want answers.
“This is a heart-breaking situation where the workforce have turned out in their hundreds, shocked and victims of a hopeless employment law system and a group of directors who didn’t give a second thought to throwing them on the dole.
“Thursday was also about ensuring our members get the best legal advice possible in the wake of this shock announcement but it’s small crumbs of comfort because people want to be working, not dealing with this situation.
“Our immediate priority now is our involvement on the Scottish government task force and if there is any possibility that we can save these jobs we will explore every option.”
Meanwhile, Kirkcaldy MSP David Torrance has asked for assurances in the Scottish Parliament. He said: “I felt compelled to ask this question as I was aware that many of the employees of Tullis Russell reside in my constituency and that the closure will have a significant impact on them and their families.”