First Minister Alex Salmond said details around the investment and scope of the new ministerial role will be announced later this month.
"Scotland's youth employment rate is higher than the rest of the UK but we must not be complacent. No young person should go through school only to become an unemployment statistic at the age of 16," he added.
The Scottish government is to start talks with charities, councils, employers and education providers to find ways to spend the money.
Salmond added that he wanted to ensure "that not a single school-leaver falls through the cracks and has the chance to make the most of their potential". There are currently 100,000 16- to 24-year-olds out of work in Scotland.
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