You say that but honestly given the salary gaps that we're seeing in US vs the rest of the world, somebody is one day going to make a good arbitrage play with "made in EU" prestige + a pretty understood process + low euro salaries + American disposable income.
I'm betting on South America. Climate, economic and political plays to be made here. The west has been priming South America for this for a while imo.
South America has been promising for decades but it just keeps not fulfilling the expectations. I don't fully understand why, but I think it's not very business friendly (mostly controlled by left wing populists).