Established on 1 October 1932, the Chamber was formerly known as the Muslim Chamber of Commerce. It was founded in Calcutta at the inspiration of Sir Abdur Rahim, Speaker of the Central Assembly, by business leaders including Sir Dawood Adamji, Md. Ibrahim Japanwalay, Noor Mohammad Rajabally, Abdur Razzak, Hajee Abdoal Suttar, S. M. Nauman, Ishaq Chandna and Md. Rafique.

In 1956, the Chamber adopted its present name to reflect its wider role in promoting the interests of traders, exporters and industrialists. It continues to support manufacturing, trade and exports, particularly across the micro, small and medium enterprise sectors.