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LAHORE, Jan 21 (APP):A strong manufacturing industry enhances a country’s position in global supply chains, attracts foreign investment and fosters economic partnerships. Promotion of manufacturing industry is need of the hour as it is a key driver of economic development and has a significant impact on the national economy.
This industry also plays a key role in GDP growth, innovation and global competitiveness. Meher Kashif Younis, Coordinator to Minister of State and Federal Tax Ombudsman, expressed these views while addressing a conference on “Impact of Manufacturing Industry on Economy” held here on Sunday.
Meher was of the view that a thriving manufacturing sector creates a ripple effect that stimulates overall economic health.
He said the manufacturing industry significantly contributes to a country’s Gross Domestic Product (GDP). The production of goods domestically not only fulfills local demand but also opens avenues for export, ensuring the trade balance. This diversification of the economy helps mitigate risks associated with relying heavily on a single sector.
The Coordinator added that manufacturing industry acts as a catalyst for innovation and process of designing, producing, and refining products often leads to technological advancements. “It also fosters a culture of innovation, creating a positive feedback loop where advancements in manufacturing processes drive overall economic progress.”
He said global competitiveness is another crucial aspect influenced by a robust manufacturing sector. He said countries with strong manufacturing capabilities compete effectively in the international market. Meher Kashif Younis said striking a balance between economic growth and environmental responsibility is essential for the long-term viability of the manufacturing sector. He said it plays a pivotal role in shaping the economic landscape of a nation.