ISLAMABAD, Oct 05 (APP): Coordinator to Federal Tax Ombudsman (FTO) Meher Kashif Younis on Thursday said diversification of economic activities across various sectors including technology, renewable energy, agriculture, healthcare and manufacturing can shield Pakistan from the uncertainties of global markets.
Speaking at a seminar on “The importance of diversification in economic growth” held here under the aegis of Gold Ring Economic Fourm, a strategic think tank, he said as Pakistan continues to navigate the complexities of the international economy, diversification can prove to be a pivotal strategy for sustainable growth and resilience, said a news release here.
He said in today’s interconnected world, economies are increasingly interdependent. By investing in diverse sectors, we can mitigate risks associated with economic downturns in specific industries.
He said more over, diversification fosters innovation and entrepreneurship. Encouraging a wide range of industries not only creates job opportunities but also nurtures a culture of creativity and adaptability.
Innovation is a driving force behind economic progress, and diverse industries provide a fertile ground for new ideas and inventions.
“we can build a robust and resilient economy that can withstand the challenges of the modern world while fostering sustainable development and prosperity for all citizens of Pakistan”, he added.
Meher Kashif Younis said additionally, diversification enhances our global competitiveness as a varied economic base allows us to cater to a broader range of international markets.
He said diversification contributes to regional development and strategically investing in different sectors across various regions of the country, Pakistan can bridge the economic disparities between urban and rural areas.
This inclusive approach not only uplifts communities but also strengthens the social fabric of our nation.