Pakistani Prime Minister Imran Khan said on Monday that the railway project of Main Line-1 (ML-1) under the China-Pakistan Economic Corridor (CPEC) will open a new chapter of socio-economic development and prosperity for the country.

The strategic project under CPEC would accelerate industrialization process in the country, Khan said while chairing a high-level meeting attended by Minister for Railways Sheikh Rasheed Ahmad, Minister for Planning, Development and Special Initiatives Asad Umar, Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh, Chairman of the CPEC Authority in Pakistan Asim Saleem Bajwa and senior officials.

Earlier in August, the Executive Committee of the National Economic Council of Pakistan approved the ML-1 project of rehabilitation and upgradation of the railway track between the southern port city of Karachi and the northwestern city of Peshawar.

The implementation of the project would not only modernize and strengthen the railways system of Pakistan but would also create a large number of job opportunities for locals, said the prime minister.

He said with the implementation of the important project, passengers and traders will have far better traveling and freight facilities than before.

"Besides bringing ease to the business community of Pakistan, it will also greatly reduce the cost of the business," the prime minister said, adding that the government is prioritizing the development projects in the country for the welfare of people.