Coordinator to Federal Tax Ombudsman Meher Kashif Younis Wednesday said that the countries with strong manufacturing sectors generate trade surpluses, increase foreign exchange reserves, and improve balance of payments besides providing impetus to economic growth.
Speaking at seminar, He said that the manufacturing sector equally plays a vital role in international trade by producing quality goods for export besides strengthening the economy by increasing GDP (Gross Domestic Product) and ample jobs creation opportunities, said a press release.
“Manufacturing industries tend to have higher productivity levels compared to other sectors, leading to higher economic output and improved living standards”, he added.
He said it is a labor-intensive sector that provides employment opportunities to a large number of people that creates both skilled and unskilled jobs, supporting a diverse range of occupations. “Availability of manufacturing jobs helps reduce unemployment rates, alleviate poverty, and promote social stability”, he said. Manufacturing sector is closely linked to innovation and technological advancements and drives research and development activities, leading to the creation of new products, processes, and technologies.—APP
