People ask if the industry will wrap up and move from China.
I ask them in response: where would they run away to? Vietnam?
Vietnam's entire light industry output is like of one Dongguan's district.
India has a lot of workforce, tons of it, but the entire light industry ecosystem has to be built from scratch, or brought along with you.
They can't run away.
Relevant podcast:
https://hbr.org/ideacast/2017/11/the-hardscrabble-business-o...
So things can change, definitely not overnight, but in a few years.
Eastern Europe - mass higher education check, everything else no
India - size yes, but nothing else, and there is "license raj" on top of that. One sweetener is the future domestic market appeal
Vietnam - mini-China, good primary and vocational education check, size OK, industry, some leftovers from pre-privatisation era, check - pretty much same as China was in that regard.
Pakistan... very cheap for sure, existing industry is nonexistent, (though Pakistan once had a backend FAB in late eighties!) and with Rupee hitting the bottom now, you can overlook how poor the logistics will be.
It's also worth noting that China still has a long way to go when you look at particular markets such as semiconductors, where export controls have slowed them down.