OCIT has wide-ranging functions and powers designed to make it a catalyst for economic and social development. Its primary function is to "develop and implement social and economic development programs and projects" for the betterment of the economic and social conditions of the inhabitants of the Republic.

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Its functions combine the roles of an investment and trade promotion agency and a government investment corporation, i.e., to encourage and develop investments and operate business enterprises on behalf of the government. It is empowered to perform its functions alone or in conjunction with other government agencies and private enterprises.