After almost 10 years moving from Vancouver to Hong Kong, I started a new chapter this year with opening a small 10,000 sq ft work shop in mainland China (Shenzhen). The paperwork is finally done and just waiting for the import and export permits and China tax ids. Am very fortunate to work for another Canadian who himself started a company in the US a decade ago and I'm helping with running things out of HK; he puts up the capital and I manage the products made there. As long as our core products are being made and there's excess capacity, I'm free to put things through the workshop for products I can think of.
At first I was under the persuasion to set up shop else where like Vietnam (looking at what happened in the last few weeks thankfully not) or Indonesia. But after moving into the industrial building where we're at, China's advantages still comes through; where every village has a milling machine or laser cutter or raw materials supplier instead of scouring the country for it. Here we got fabricators as well as injection moulding companies in the same building so we can keep our own machinery to a minimum; the only machinery we bought so far is a heat tunnel for shrink wrap application and computers for the office.
So what sort of products would you make if you had access to (relatively) cheap labour and tooling? Have thought about LEDs but that's got a zillion people already on the boat with a price driven consumer mentality (there's no shortage of cheap LED stuff and there's no shortage of buyers who reject anything expensive).