Pakistani official says CPEC has potential to boost economy, reduce poverty: report

Pakistani Minister of Planning, Development and Reform Khusro Bakhtiar said the China-Pakistan Economic Corridor (CPEC) has great potential to boost Pakistan's economy and help reduce poverty in the country, local media reported Monday.

The government is committed to timely completion of all CPEC projects going on in the country including energy infrastructure and Gwadar port, as their completion will lead to development and prosperity, Bakhtiar said in a media interaction.

"China has opened its markets for Pakistan ... now it is up to us to avail this opportunity by increasing our production rate. China has also offered industrial cooperation with us through the special economic zones, and if we tap the potential of this cooperation with China, we can emerge as a rising economy in the world," he said.

The minister said the forthcoming second phase is vital for Pakistan's economic growth, and they are expecting that after the initiation of the second phase, the country's gross domestic product will grow by an estimated 5 percent.

The first phase of the CPEC was focused on infrastructure construction projects including road network and power plants while the second phase will focus on industrial cooperation, socio-economic development, agriculture cooperation and business-to-business cooperation, among others, he said.