No. You also need stable government and good infrastructure (electricity, water supply, transportation etc). Most importantly, you need highly educated human resource in this field. (Importing workers from other countries doesn't make sense as you would have to pay high wages, negating the cost advantage you are seeking). Note also that you need supportive government policies - fabs consume huge amount of water and the treated water released back still is unfit and polluting. Water is a really a tricky issue in many countries because you need it for agriculture and everyday use, and this can often become a contentious political issue. Most governments are not willing to standup to farmers and ordinary citizens if there is a water shortage as they know that's a battle they can't often win politically.