President Vladimir Putin has set up and will head a council for economic modernization and development, the Kremlin said on Monday.

Prime Minister Dmitry Medvedev will chair its presidium.

The new state body is intended to increase cooperation between federal and regional bodies, public bodies, scientific and other organizations and deal with issues relating to the modernization of Russia's economy, the Kremlin statement.

In addition to the president and the prime minister, the council includes Deputy Prime Minister Arkady Dvorkovich, VEB bank chairman Vladimir Dmitriyev, and Industry and Trade Minister Denis Manturov.

Other council members are: Rustam Minnikhanov, president of Tatarstan; Elvira Nabiullina, a presidential aide and former economic development minister; Communications and Media Minister Nikolai Nikiforov, Finance Minister Anton Siluanov, and Deputy Prime Minister and government chief of staff Vladislav Surkov.