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In the 1930s, to establish effective representation of different economic sectors and occupations, a chamber system was introduced in Latvia based on the principles and experience of Western European chamber operations.

In 1934, the Latvian Chamber of Commerce and Industry was established first, with an aim to represent the interests of these sectors in state and regional institutions as well as in international relations. Merchants, Manufacturers, and Householders Unions were subjected to the chamber. The chamber consisted of 120 members, 90 of whom were elected by the unions, while the rest were appointed by the minister of the respective sector.

The three other economic chambers operated similarly: The Chamber of Agriculture (founded on 29 March 1935), the Chamber of Crafts (founded on 30 December 1935) and the Chamber of Labour (founded on 7 May 1936).

The chambers were involved in the development of draft laws and regulation of work in the sectors they were representing; however, they did not possess any legislative rights and had restricted advisory rights.

LCCI members represented seven sectors – trade, manufacturing, shipping, transport, insurance, construction, and finance. Also, several special committees were established within the chamber of commerce, to defend the interests and help to solve the issues of specific sectors.

After the establishment of Soviet power in Latvia, the prime minister appointed by the USSR announced the dissolution of the Latvian Chamber of Commerce and Industry on 17 July 1940.

From 1948, it operated in Latvia as the Chamber of Commerce and Industry, which was a structural unit of the All-Union Chamber of Commerce and Industry.

Only six months after the Declaration of Independence on 4 May, in December 1990, the representatives of Latvian commerce and industry companies reached a decision to establish an independent Latvian Chamber of Commerce and Industry. Its main goal was to support the development of an independent Latvian economy and facilitate the formation of an environment suitable for business, following the experience of the chambers of commerce from other countries.