London: India's leading automobile industrialist Rahul Bajaj has been elected as co- chairman of the Commonwealth Business Council.

The other co-chairman elected at the council meeting on September 23 evening was Hugh Morgan, chief executive officer of Western Mining Company of Australia.

They will succeed Lord Cairns of UK, the current chairman of the council.

Bajaj said that he and Morgan would assume their charges as co-chairman of the council in December.

Hitherto there used to be chairman and vice-chairman. With the latest election on September 23, there would be no post of vice-chairman and instead of chairman there would be co-chairmen.

The Commonwealth Business Council was established by Commonwealth heads of government in 1997 to involve the private sector in the promotion of trade and investment.

The council acts as a bridge for co-operation between business and government in order to help remove barriers of trade, mobilise investment into commonwealth countries, foster a good environment for business and investment; promote good practice incorporate governance and corporate citizenship; and facilitate the expansion of e-commerce, especially in developing countries.

PTI