The New Industrial Revolution
Traditionally, manufacturing has been outsourced on a global level as a cost saving effort. However, a new manufacturing trend has emerged in recent years called ‘nearshoring’, with manufacturers locating production facilities closer to their end markets. Sarah Boumphrey, Head of Countries and Consumers Research at Euromonitor, states that nearshoring is a result of technological progress as new manufacturing technology is developed and can be cost effective for manufactures to produce goods in high wage countries.
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