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A delegation formed by the founders board of Ali Babacan founding of the new party on 9 March 2020, the party's name was Democracy and Progress Party with the abbreviation of "DEVA" (means Remedy in Turkish), Sadullah Ergin, Nihat Ergün, Selma Aliye Kavaf and Istanbul deputy Mustafa Yeneroğlu, who resigned from the AKP, also took part.

The DEVA Party held its first meeting of the Founders Board on 10 March 2020. Ali Babacan was unanimously elected Chairman at the meeting.

In 2019, Babacan left the ruling AKP, citing “deep differences” over the party’s direction as a reason. He is also widely expected to establish his own party.

Babacan confirmed his intent to form this party in a late 2019 interview with journalist Şirin Payzın of T24, and expects his party to be a "mainstream party" with particular focuses on minority rights, a return to Turkey's parliamentary system, fair processes in courts and legislation, and restoring freedom of speech and expression. The party is expected to emerge at some time in 2020. Babacan is quoted as saying that "the nation will give our party its name".

On 29 August 2007 he was appointed as the Minister of Foreign Affairs of the 60th Government of the Republic of Turkey. During 2009–2015 he served as the Deputy Prime Minister for Economic and Financial Affairs of Turkey. He is married with three children. In 2019, Babacan left the AKP, citing “deep differences” over the party’s direction as a reason.

In the years 2007 Government, he served as Foreign Minister and Chief Negotiator in negotiations with the European Union. As government minister Babacan has attended several international meetings including the World Economic Forum in Davos, Switzerland, and the Bilderberg Group.

On 24 May 2005 Prime Minister Recep Tayyip Erdoğan announced his appointment as chief negotiator in Turkey's accession talks with the European Union, which started on 3 October 2005.

He entered politics in 2001 as a co-founder and a Board member of the Justice and Development Party and was elected to parliament as deputy for Ankara on 3 November 2002. He was appointed Minister of Economy on 18 November 2002 and became the youngest member of the cabinet, then at the age of 35.

Babacan worked then for two years as an associate at QRM, Inc. in Chicago, Illinois, a company doing financial consulting to the top executives of major banks in the United States. He returned to Turkey in 1994 and, served as chief advisor to the mayor of Ankara the same year. He was the chairman of his family owned textile company between 1994 and 2002.

Ali Babacan graduated from TED Ankara College ranking first among the class of 1985. He attended the Middle East Technical University (METU) in Ankara and in 1989 was awarded a BSc in Industrial Engineering with the highest marks (4.00 point out of 4.00). He went to the U.S. on a Fulbright Scholarship to do postgraduate studies and in 1992 received an MBA from the Kellogg School of Management at Northwestern University in Evanston, Illinois, with majors in marketing, organizational behavior and international business.

Ali Babacan (Turkish pronunciation: [aˈli babaˈdʒan] ; born 4 April 1967, Ankara), Turkish politician, economist, engineer and the founding leader of the Democracy and Progress Party (DEVA) from 2020. He previously served as between the years 2002-2015, 13 years Turkey's foreign affairs and economy minister. The Grand National Assembly of Turkey 22, 23, 24 and 26. Parliament's has made Ankara deputy.

Babacan is member of the parliament and former Deputy Prime Minister of Turkey responsible for the Economy. He first served as the Minister of State in charge of economic affairs in the 58th cabinet from the Justice and Development Party (AK Party). He retained this position throughout the 58th and 59th Governments of the Republic of Turkey.