CPEC key to Pakistan's economic growth, says senate chairman

ISLAMABAD, Dec. 31 (Xinhua) -- Chairman of the Senate of Pakistan Yousuf Raza Gilani said that the China-Pakistan Economic Corridor (CPEC) is playing a transformative role in the economic growth and technological advancement of Pakistan.

Speaking at a ceremony at the Lahore Chamber of Commerce and Industry on Monday, Gilani urged the business community to fully utilize the potential of special economic zones established under CPEC to strengthen the nation's economy.

Launched in 2013, the CPEC is a corridor linking the Gwadar Port in southwest Pakistan's Balochistan province with Kashgar in northwest China's Xinjiang Uygur Autonomous Region, which highlights energy, transport, and industrial cooperation in the first phase, while in the new phase expands to fields of agriculture and livelihood, among others.

Talking about the need for political stability in his country, Gilani called for collective efforts to create a favorable political environment.

"Political stability is essential to unlocking Pakistan's economic potential," he noted.

Stressing the significance of public-private partnerships, he said that cooperation between the two sectors is crucial for addressing economic challenges and fostering innovation.