He was born in Gazakh region in 1940.
In 1961, he graduated from Azerbaijan State University, “Economy” department. During 1963-1966 years, he was postgraduate student of the Economy Institute of the Academy of Sciences of the USSR in Moscow and in 1966, defended his candidate dissertation at this Institute ahead of the schedule. Mr.Garayev defended his doctoral dissertation in 1983 and he has been a professor since 1985.
He was head of the “Political economy” chair of the State Languages Institute of Azerbaijan in 1987-1992 years. Mr.Garayev was appointed to the first vice-rector position at the Azerbaijan State Institute of Economics in 1992-1994 and from May 1994 until 2000 he was the rector of the same Institute.
He is the author of scientific publications, including monographs, textbooks and scientific articles consisting of more than 300 printed pages.
Currently, Mr.Garayev is leading the “Economy and management of Agro-industrial enterprises” chair at the Azerbaijan State University of Economics.