Michael Bryant, Ontario's Minister of Economic Development is stepping down.

"I want to thank Michael Bryant for his years of dedicated public service," Ontario Premier Dalton McGuinty says in a statement.

In his statement, McGuinty says Bryant informed him Friday that he was stepping aside as Minister in order to pursue a career as the President and CEO of the City of Toronto's new economic development agency -- Invest Toronto.

McGuinty said he will take over Bryant's portfolio.

Bryant was first elected as MPP for the St. Paul's riding located in midtown Toronto in 1999.

His past jobs in cabinet have included stints as the Attorney General, and Minister of Aboriginal Affairs.