Coordinator to Federal Tax Ombudsman Meher Kashif Younis on Sunday stressed the need for developing and strengthening of local manufacturing sector as a sound manufacturing sector of a country can produce quality goods.
Besides, it helps in reducing reliance on foreign products to reduce imports and promote self-sufficiency, he said while talking to a delegation of industrialists led by Faran Shahid.
He said a well-developed manufacturing sector can help a country diversify its economic base, adding that over-reliance on a few sectors can make an economy vulnerable to external shocks, whereas a diverse economy is more resilient.
The thriving manufacturing industry can act as a catalyst for economic growth, job creation, and technological progress, he remarked.
He said the government must implement policies and offer incentives to support this sector, recognizing its pivotal role in the economic development of a nation.
He said the concentration of manufacturing industries in specific regions leads to the development of those areas, creating industrial clusters and supporting the growth of related industries and services.
He said it is a labor-intensive sector, creating a substantial number of jobs across various skill levels. It not only employs skilled workers in production and engineering but also supports ancillary industries, such as logistics, transportation, and services, leading to further job creation.
Meher Kashif Younis said it contributes significantly to the Gross Domestic Product (GDP) of a country and drives economic growth by producing goods that are consumed domestically or exported to other countries, generating income and promoting economic activity.
He said that this industry was a hub for innovation and technological advancement. He stressed the need to invest in research and development to improve production processes, create new products, and enhance efficiency, which, in turn, drives progress in other sectors.
Manufacturing goods are often exported to foreign markets, earning foreign exchange that helps improve the balance of trade and supports economic stability by reducing trade deficits, he added.
