LAHORE: Senate chairman and former prime minister Syed Yousaf Raza Gilani has termed political stability key to economic development and urged the business community to develop good relations with political parties.

`I believe that political stability is the cornerstone of economic progress and prosperity.

Therefore, I request you to establish robust connections with the political parties. I also promise to arrange your direct contact with the heads of senate standing committees and federal ministers,` Mr Gilani assured the businesspersons at the Lahore Chamber of Commerce & Industry (LCCI) here on Monday.

According to him, business growth, shining prospects for commerce and economic development are the matters close to his heart. As the prime minister,he said,hefocused onindustry, trade and economic advancement.`Collaborative efforts to address challenges and seize opportunities is the need of the hour.

Mr Gilani termed public-private partnership important to achieving economic development. He underscored the need for policies that promote manufacturing, value addition, innovation and renewable energy.

`Hydropower is the best option for affordable and environmentfriendly energy,` the former PM said, adding that agriculture must also remain a top priority.

He stressed the importance of increasing agricultural productivity, addressing issues such as adulteration in seeds and pesticides and ensuring the availability of quality inputs.

`Everyone must pay taxes,` he said and called for reforms to ensure fairness and transparency in the taxation system. He supported the LCCPs proposals to restructure or privatise lossmaking state-owned enterprises, such as the Pakistan Post Office, Pakistan Steel Mills and PIA etc, which have consistently drainedthe national exchequer.

Speaking on the occasion, LCCI President Mian Abuzar Shad said the private sector should be given representation in the Senate Standing Committees for powerful economic results.

While appreciating the efforts of Chief of Army Staff General Asim Munir, he said the stabilisation of the Pakistani rupee had been a significant achievementand the army chief deserved special credit for his role in it.

The LCCI president urged the government to offer incentives and facilities to overseas Pakistanis. If provided adequate privileges, remittances could increase by 50pc, significantly boosting our foreign exchange reserves. He also called for policy continuity, cut in energy costs andtransparencyingovernance.