FTO coordinator for strengthening local manufacturing sector

ISLAMABAD - Federal Tax Ombudsman (FTO) Coordinator 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, recognising 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 labour-intensive sector, creating a substantial number of jobs across various skill levels.