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Richard Barnett, Vice Chancellor of the University of Ulster will be supported by four high calibre individuals, drawn from academia and business, the Minister told MLAs.
Ms Foster said: "This will be, strategically, a very important exercise, and it also comes at a time when the Northern Ireland Executive has made the economy its top priority.
The Minister said the review should ensure that the Department of Enterprise Trade and Investment and Invest NI's policies and programmes are able to deliver on the productivity goal contained in the Executive's Programme for Government.
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Ms Foster said a review "should identify whether any new policies are necessary, having regard to the legislative powers of the Assembly".
"It should also consider if there are any issues which risk compromising the delivery of the Programme for Government’s productivity goal, but which fall to other departments," she added.
Review Panel members will include Professor Brian Ashcroft, from the University of Strathclyde; Dr Graham Gudgin, University of Cambridge; Professor Michael Moore, from Queen’s University; and John Wright, former international banking Director and current Chairman and non-executive director of a number of companies in the UK and overseas.
Minister Foster said: "The panel consists of a high-calibre team with both depth and breadth of experience in business and regional economic development.
"I am looking for evidence-based recommendations that will help strengthen our competitive position and to put us in pole position for when the global economy begins to strengthen," she added.
The review is expected to be concluded by summer 2009.
