Five Star Consultancy Services Private Limited Company has learned that the Ministry of Trade and Regional Integration (MoTRI) is working on revising a two-decade-old law to re-establish a proclamation for the Chamber of Commerce. The new law will include the industry sector, which has been warmly received by industry actors and other business associations.

One significant change in the new law is the inclusion of a council with a seat in between the general assembly and the board of directors. However, the membership conditions are yet to be determined, and a directive will be issued after the proclamation is amended. The revision will address the sources of debate, which include the organization structure, membership, representation, powers, and duties of the Chamber of Commerce.

The draft suggests that the new proclamation will be designed considering the sector benefit, global situation, and economic growth. This approach ensures that the Chamber of Commerce is aligned with international best practices. The amendment will also address the controversial points in the current law to streamline the operation of the Chamber of Commerce.

Overall, the revision of this law reflects the government’s efforts to support businesses, particularly during these difficult economic times. The Chamber of Commerce plays a vital role in promoting trade and economic growth, and the updated law will ensure that the Chamber remains an effective and relevant institution.