The Ministry of economic development of the Murmansk region is authorized executive body for the governmental power of the Murmansk region, exercises functions of forming and realizations governmental power of the Murmansk region in the following spheres:

- strategic planning of socioeconomic development of the Murmansk Region (except for land use planning);

- budget investments (in terms of methodical support, monitoring and coordination of activities of executive authority of the Murmansk region on the question of budget investments to the capital construction projects and municipal property);

- regional taxes and tax exemptions, financial recovery of organizations;

- external economic links, international technical aid;

- cross-border and interregional economic cooperation;

- trade activities (except retail markets);

- economic of social development.