He was the Minister of Economy and the Minister of Economy and Labor under Prime Minister Leszek Miller, and then under Prime Minister Marek Belka. He held negotiations with the European Commission on Accession of Poland to the European Union, on offset conditions, and on creating the conditions for functioning of the special economic zones. He was one of the creators of Entrepreneurial Assistance Program, in particular, FSO Żerań; he also introduced an incentive system, which stimulated foreign investment in Poland (effect: Bridgestone, LG plants).

Being the deputy of the Sejm of the Republic of Poland, Jacek Piechota was the Head of the Committee for Entrepreneurship Development and the Committee on development of small and medium-sized businesses. He created and introduced small and medium-sized businesses support programs; he was responsible for promoting the National Development Strategy and regional support programs.

 Since 2007 Jacek Piechota has been the Chairman of Polish-Ukrainian Chamber of Commerce, aimed at supporting Polish-Ukrainian economic cooperation, as well as establishment of democracy. Since 2012 he has also been the president of Europe North East International Association.