(1) The council shall: (a) make recommendations to the governor, the office, and the board on policies and objectives related to economic development and growth in the state; (b) coordinate with state and private entities, including private venture capital and seed capital firms, to avoid duplication of programs and to increase the availability of venture and seed capital for research and for the development and growth of new and existing businesses in the state; (c) give priority to technologies, industries, and geographical areas of the state in which the state can expand investment and entrepreneurship and stimulate job growth; (d) develop ideas and strategies to increase national and international business activities for both the urban and rural areas of the state; and (e) plan, coordinate, or recommend action that would better the state's economy.

(a) make recommendations to the governor, the office, and the board on policies and objectives related to economic development and growth in the state;

(b) coordinate with state and private entities, including private venture capital and seed capital firms, to avoid duplication of programs and to increase the availability of venture and seed capital for research and for the development and growth of new and existing businesses in the state;

(c) give priority to technologies, industries, and geographical areas of the state in which the state can expand investment and entrepreneurship and stimulate job growth;

(d) develop ideas and strategies to increase national and international business activities for both the urban and rural areas of the state; and

(e) plan, coordinate, or recommend action that would better the state's economy.

(2) The council shall annually report its activities to the office for inclusion in the office's annual written report described in Section 63N-1-301.