That's what automation is going to accomplish long term. First, wages in e.g. China are no longer as low as they used to be and second you need far less laborers if you automate things. Also you need higher skilled labor, which favors more developed economies.

Producing locally, also minimizes time to market and means you can distribute production. E.g. Arrival is doing that in the UK for assembling buses and vans. They don't build giga factories but instead have small, low cost factories that they can setup close to where the demand is.

Basically producing close to where the demand is, or close to where the resources you need are (or ideally both), minimizes cost.