It was taken by renowned British photographer David Bailey last month and will be used in a Government campaign to encourage investment in the UK.
The Queen is wearing pearls and a dress by Angela Kelly.
Mr Bailey, 76, said it had been an honour to photograph the monarch, saying: "I've always been a huge fan of the Queen. She has very kind eyes with a mischievous glint. I've always liked strong women and she is a very strong woman."
The image was commissioned on behalf of the Government's GREAT Britain campaign.
It will be used to promote the scheme, which aims to generate jobs and growth through highlighting Britain as a world-class destination for trade, tourism, investment and education.
The initiative was launched by the Prime Minister in September 2011 and is a global campaign, deployed by Britain's diplomatic posts in 144 countries around the world.
It is said to have already delivered economic returns worth more than £500million to the economy with up to £800million forecast for the future.
It is hoped that the portrait of the Queen will encourage overseas visitors to experience Britain's royal heritage.
Britain's monarchy, including royal heritage and property, is one of the biggest drivers of tourism into the UK, generating an estimated £500 million per year from overseas tourism spend.
A Buckingham Palace source said: "Bailey's name was suggested by Number 10 and the GREAT campaign and the Queen agreed. The Queen agreed to sit for it in recognition of the work of the GREAT campaign."
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