Chamber of Commerce
A chamber of commerce is a voluntary non-trading association of people engaged in practical commerce and industry of the country. It is a local association to promote and protect the interests of the business community in a particular place. Business owners in towns and cities form these local societies to advocate on behalf of the business community. Its purpose is to promote trade and industry of the country as well as to look after and protect the interests of its members. Its mission is to create an environment in which businesses can prosper. It is a voluntary association of business firms belonging to different trades and industries. It is an association of business people to promote commercial and industrial interests in the community.
Business owners in towns and cities form these local societies to advocate on behalf of the business community. Local businesses are the members that elect a board of directors and/or executive council to set policy for the chambers. It performs several functions such as collecting information, issuing trade reports, acting as an arbitrator to settle disputes between businessmen and providing expert knowledge to the government. The board or council then hires a President, CEO or Executive Director, plus staffing appropriate to size, to run the organization. They form a collective to address important concerns and issues for the business community.
There are two primary functions of a chamber of commerce:
- it acts as a spokesman for the business and professional community and translates the group thinking of its members into action;
- it renders a specific product or services type that can be most effectively be beneficial by a community organization and to its members as a whole.
- The main function of a Chamber of Commerce is to promote interest in local business possibilities.
- The Chamber works for industrial and business development, which supports new residents with their revenues for our community.
- It provides support in the development of projects regarding the country’s economy. It provides educational opportunities and assists businesses with the latest marketing and promotional techniques.
- The Chamber works for the ever-increasing population, assuring additional customers and income.
- It organizes and supports the participation of local economic agents at trade fairs and exhibitions abroad;
- The Chamber works continuously for the growth of the city, business expansion, and population increase to insure the professional a prosperous place in which to make a living.