Natural Resources Minister Herb Dhaliwal announced Wednesday he is leaving politics and returning to his family business.

Dhaliwal, 50, said he will not run in the next election and will not be a cabinet minister after Dec. 12, when Paul Martin becomes prime minister. A federal election is expected next spring.

Paul Martin was not expected to name Dhaliwal to his new cabinet.

Herb Dhaliwal

A millionaire businessman and the first Indo-Canadian cabinet minister, Dhaliwal said he's looking forward to returning to his Vancouver businesses.

"It is definitely a day of mixed emotions for me," he told a news conference. "I'm sad about leaving politics behind but I'm enthusiastic about returning to my business and spending more time with my family."

Dhaliwal, a fierce Chrétien loyalist, was publicly critical of Martin's team during the Liberal leadership race.

He extended an olive branch to the incoming prime minister, saying Martin would make an "outstanding leader."

"I am always available to assist the Liberal Party in whatever manner he requires," said Dhaliwal.

Two weeks ago, he said was prepared to serve under Martin, if Martin wanted him. On Nov. 18, he told CBC Newsworld: "I'm there to serve the country and serve the new leader if he thinks that I can be an asset to him."

Dhaliwal's announcement comes a week after Finance Minister John Manley said he will not run again.

Former NDP B.C. premier Ujjal Dosanjh, touted as a possible Liberal candidate for the next election, wouldn't rule out another political run.

"I have no plans to do anything different. You ask me 10 months from now, who knows?" he said.

He added that the Indo-Canadian community doesn't vote as a block, saying Dhaliwal was elected for three terms because he was an effective politician, not because of his ethnicity.