The raids came after a morning of violence across the country left at least 16 people dead, including two senior officers from the military and intelligence services.
Riding in 15 jeeps similar to those used by police, the kidnappers went to Al-Arassat Street in the commercial heart of Baghdad and led away the head of the chamber of commerce and 10 co-workers.
The group also took away 15 workers from a nearby office of the al-Rawi company which sells mobile telephones.
More bombs
Later, defence ministry and hospital sources said a suicide car bomb ripped through the middle class Baghdad neighbourhood of Karrada, killing 10 soldiers and four civilians.
An interior ministry official said the suicide bomber targeted a military patrol as it was passing a police checkpoint.
The bomb exploded along Rushdie street, not far from where a car bombing and a series of mortar strikes killed 31 of people on Thursday.
A short time after, a massive roadside bomb ripped apart a bus carrying Iraqi soldiers just north of Tikrit, killing at least 20 of them and leaving 13 injured.
Daylight raid
The Chamber of Commerce raid took place in broad daylight at midday on a busy street. There was no indication that any Americans were among those taken.
"I saw police cars without number plates come up to the office," a guard from a building across the street said. "They separated the women employees and took only men. They took some guards, workers and the manager."
Another guard who saw what had happened said telephone store customers were among those loaded into the back of a canvas-roofed truck and taken away.
Witnesses say the total number of captives could be higher than reported.
"The whole operation took less than ten minutes," he said, adding that the head of the business chamber had been beaten.
"When they went in to get him out he was shouting at them. They started beating him until he fell down on the ground. Then they carried him into an SUV and took him away," the witness said on condition of anonymity.
The not-for-profit IACCI was founded in May 2003 in Los Angeles by a group of exiled Iraqi businessmen and represents firms seeking to boost trade ties with the United States.
Several recent kidnappings in Iraq have been carried out by groups wearing police or army uniforms, and government ministers admit they are battling to purge the security services of disloyal and corrupt officers.
Latest violence
Meanwhile 22 more bodies have been found in Baghdad while a suicide bomber has rammed an explosives-laden car into an Iraqi army observation post.
The incident happened about 40 kilometres north of the main northern city of Mosul, killing four soldiers and wounding six others.
Unidentified gunmen killed Brigadier Fakhri Jamil of the Iraqi government intelligence service as he drove his car in the Yarmuk area of western Baghdad.
Another senior officer, police Lieutenant Colonel Sattar Sandl, was killed while fixing his car in Samarra.
Assassins also gunned down Bassim Abdulhamid, an employee of the Sunni endowment which manages Sunni mosques, in a drive-by shooting at his house in Amara in mainly Shiite southern Iraq.
There was a rash of shootings around Baquba, north of Baghdad, which left two soldiers, two civilians and a policeman dead.
Meanwhile, two workmen were shot dead and two more injured in Baghdad and another civilian was killed west of Kirkuk.
Insurgents detonated a car bomb north of the town of Hilla, south of the capital, killing one police officer.