The Nordic Economic Development Corporation was established to promote and develop the following five core functions:

     1. Develop and coordinate the implementation of a SEP in each zone supported by an IBP.
     2. Develop a strong partnership with municipalities in each zone that incorporates the strategies and priorities of municipalities in the economic planning process.
     3. Develop partnerships in planning and implementation with Chambers of Commerce, Industry Associations, labour organizations, post secondary institutions, Community Business 
         Development Corporations (CBDCs), and other zones that advance and support the economic and entrepreneurial environment of a zone.
     4. Undertake capacity building and provide support to stakeholders to strengthen the economic environment of the zone.
     5. Coordinate and facilitate linkages with federal/provincial/municipal government departments and agencies in support of the SEP.