Importance of Chamber of Commerce in Development of Industry

Importance of Chamber of Commerce in Development of Industry

Role or Importance of Chamber of Commerce in the Development of Industry and Commerce of the Country

The co-operative society which is formed by the business persons and industrialists of any particular area with the view to develop the commerce of that area and for their own welfare, then that co-operative society is called the chamber of commerce. The chamber of commerce plays an important role in the development of industry and commerce of the country. There is a chamber of commerce is the big cities of Bangladesh. They have a great impact on the development of the industry of those particular areas-

Favorable Business Environment

Creation of a favorable environment is very important for the industrial development of a country. The chamber of commerce increases the sense of responsibility and conscious of the Govt. and related parties by arranging various types of fair, symposium, meetings etc.

Research activities

The chamber of commerce carries on several of research work on the industry, commerce, Govt. rules and regulation, current business affairs etc. It shares its research results with everyone. These results help in case of identifying present problems and predicting the future. These also help in finding the solution of the prevailing and upcoming problems.

Removing Unequal Competitions

Though creative competition is necessary for reducing the price and increasing quality, some firms get involved in a destructive competition. This type of unequal competition destroys the sound business environment.

Information exchanging

The business environment is always changing. So, to be successful in business, proper information is necessary. The chamber of commerce keep people updated with the latest news through its regular publications. In this way, the member can take a better decision regarding their business.

Human Resource Development

The chamber of commerce arranges a different type of training and development programs to create new entrepreneurs and increase the skills of its present members. This main objective is to increase the managerial skills of the members and keep them updated.

Helping the Government in Preparing Industrial and Commercial Policy

For the proper development of industry and trade of a country, a sound industrial policy is required. The chamber of commerce assists the Government in preparing and formulating industrial law, trade policies, customs policy, and budget. It also provides the Govt. with important data. Thus it helps in the overall development of the trade of the country.

Development of Interpersonal Relationship and Setting Disputes

The chamber of commerce holds various meetings frequently. This helps in creating a harmonic relation between the members. Besides, if there is any dispute among the members, the chamber of commerce takes the responsibility to stop it.