During the time of the former Soviet Union Azerbaijan enjoyed one of the leading places due to its economic and scientific potential among the republics of the Union. The services of Scientific Research Economic Institute under the Azerbaijan SSR State Plan Committee which was established in 1964 are undeniable in this regard.  Newly established institute was the first research organisation applying in practice the scientific foundations of economic development in Azerbaijan.  The main activity direction of the Institute was the development  of master plans in respect to the development of national economy and positioning of productive forces.
With the coming to office of the nationwide leader Heydar Aliyev in 1969 the accelerated development of national economy revitalized the activity of the Institute. As a result of this the foundation of the new era in the planning and development of economy in the country was laid which was followed by the development accomplished in all the areas of agriculture, With the commissioning of the new premises of the Institute in 1977 its material and technical basis and human resources potential were further consolidated.
Even during the first days of state independence, despite the arduous time, the Institute continued to provide its scientific contributions to radical reforms undertaken due to the development of independent national economy and transition to the market economy.