The Ministry of Commerce and Industry was established by an Act of Legislature in 1987. The Ministry was originally established in 1948 as the Department of Agriculture and Commerce.

On June 1, 1962 it became the Department of Commerce and Industry. On December 31, 1971 the name was changed to Ministry of Commerce, Industry and Transportation. An Act detaching the Bureau of Transport from the Ministry of Commerce, Trade and Transportation, resulted in the current Ministry of Commerce and Industry.