Ibrahim Baylan, Swedish Minister for Business, Industry and Innovation, will resign and leave politics, public broadcaster SVT said on Thursday.

"I have decided to not be a candidate for the next elections. It's time to do something else," he told SVT.

Baylan will officially step down at the Social Democrats' party congress in November, when Prime Minister Stefan Lofven of the minority, centre-left coalition is also due to leave his post.

"I only see it as natural that a new Prime Minister gets to form a new team," Baylan told SVT.

(Reporting by Helena Soderpalm; Editing by Shri Navaratnam)