Ministry of Economic Development (Azerbaijan)

Ministry of Economic Development (Azerbaijan)
Ministry of Economic Development of Azerbaijan Republic
Azərbaycan Respublikası İqtisadi İnkişaf Nazirliyi
Coat of arms of Azerbaijan.svg
Coat of Arms of Azerbaijan
Agency overview
Formed April 30, 2001
Headquarters 23 Niyazi Street, Baku, Azerbaijan Republic AZ1066
Agency executives Shahin Mustafayev, Minister of Economic Development
Sevinj Hasanova, Deputy Minister
Niyazi Safarov, Deputy Minister

The Ministry of Economic Development of Azerbaijan Republic (Azerbaijani: Azərbaycan Respublikası İqtisadi İnkişaf Nazirliyi) is a governmental agency within the Cabinet of Azerbaijan in charge of economic development, state investments, economic relations, foreign investments, sustainable development and business promotion activities in Azerbaijan. The ministry is headed by Shahin Mustafayev.[1][2]



The Ministry of Economic Development was established on April 30, 2001 as per Presidential Decree of President Heydar Aliyev No. 475 in accordance with structural reforms within the Azerbaijani government.[3] According to the decree, State Property Committee, Ministry of Economy, Ministry of Trade, State Committee for Antimonopoly Policy and Entrepreneurial Assistance and Foreign Investments Agency were abolished and replaced by one centralized Ministry of Economic Development.[4]


The ministry is headed by the minister with two deputy ministers and head of administration. Main functions of the ministry are development and preparation of economic policies and forecasts of Azerbaijan Republic, development of individual segments of economic markets, fostering and maintaining foreign economic and trade relations, conducting investment operations, attracting foreign direct investment to the country, domestic trade development, provision of state assistance to entrepreneurs, encouragement of competition and regulation of laws on economic activity in the country.[4]

State Service for Antimonopoly Policy and Consumers' Rights Protection, National Fund for Entrepreneurial Assistance, Scientific Research Institute for Economic Reforms, Baku Business Education Center are state agencies within the ministry. The ministry has regional chapters in Absheron, Aran, Mountainous Shirvan, Quba-Khachmaz, Ganja-Qazakh, Lankaran, Shaki-Zaqatala, Upper Karabakh. The Ministry of Economic Development of Nakhchivan Autonomous Republic exclave subordinates to the Ministry of Economic Development.[4]

List of Ministers of Economic Development

  • Farhad Aliyev, April 30, 2001 - October 19, 2005
  • Heydar Babayev, October 19, 2005 - October 31, 2008[5]
  • Shahin Mustafayev, October 31, 2008 - incumbent

See also


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