Its stated objective is to "encourage the development of a high value added, innovative, enterprising and competitive economy, leading to greater wealth creation and job opportunities for all.

"[4] The department is responsible for the following policy areas:[5] Some economic matters are reserved to Westminster and are therefore not devolved: [7] In addition, some matters are excepted and were not intended for devolution:[8] DfE's main counterparts in the United Kingdom Government are: In the Irish Government, its main counterparts are: DfE has four agencies, established as non-departmental public bodies (NDPBs), to assist in strategy implementation: A Ministry of Commerce was established at the foundation of Northern Ireland in June 1921, and was subsequently known as the Department of Commerce and Department of Economic Development under direct rule (introduced in March 1972).

DETI was heavily criticised by the Northern Ireland Audit Office for its mismanagement of a broadband scheme starting in 2004 and carried out by Bytel Networks, which saw Bytel receive over a million euros in a European Union grant for equipment that was never used.

[24] In 2016, the Renewable Heat Incentive scandal came to light which was a botched scheme that was run by DETI, now Department for the Economy.

The minister in charge at the time, Arlene Foster, faced pressure to resign as the scheme cost the NI Executive £400m over 20 years.