KARACHI, Feb 28: Mian Nasser Hyatt Maggo has been elected as new president of the Karachi Chamber of Commerce and Industry (KCCI) for the remaining period of 2002-03, in the managing committee meeting held on Friday following the resignation of Shaukat Iqbal from the office of president.

It was learned that this development has taken place as a result of formal mutual understanding between the outgoing and the incoming presidents. This type of arrangement was introduced, for the first time, in the annual general meeting held in September 2002. It was decided that the tenure of the president would be divided between Maggo and Shaukat for six months each. However, constitutionally the KCCI chief is elected for one year term, sources said.

The sources said this type of division in tenure of the president was unconstitutional and Siraj Kassam Teli, head of the Businessmen Group (Teli Group), was the man behind in introducing this type of arrangement in order to oblige his group members.

In his first statement after being elected as the KCCI chief, Mian Maggo urged the government to announce an integrated industrial policy covering all segments of industrialization.

He said pace of investment continued to be sluggish posing critical problems of unemployment and poverty despite witnessing some degree of macro-economic stability.

He urged the government to immediately execute the projects that were in pipeline. Maggo said that there was no level playing field as multinationals were being provided special concessions not admissible to the local businessmen.

On rising smuggling, he urged the government to set up an anti-smuggling cell at the prime minister secretariat in order to monitor all the agencies.