The committee is a body of executive power of the state authority of Murmansk region. Its function is to implement state policy and legal and regulatory framework in spheres of industry, development of entrepreneurship, investments and innovations. 

General tasks: creation and development of infrastructure of assistance for investors, development of industry, entrepreneurship; building of propitious investing climate and conditions for innovative development of regional economy, perfection of forms and methods of state support for investments and innovations; advancing of investment climate, making of the conditions for development of the real sector, competing and entrepreneurship, advancing of forms and methods of state support for small and medium-sized business.