The article presents the competency-based approach to teaching ESP and BE defined and substantiated by the authors. It shows the ways of developing ESP and BE students’ competencies as well as ways of identifying and nurturing ESP and BE teachers’ core competencies. Implementation of competency-based approach to teaching ESP and BE in University context requires transformations in the teaching process and provided educational content. The article focuses on the analysis of future economists’ professional and BE competence structure and ESP and BE teachers’ core competencies structure.