Boy you sure do sound like you just got your MBA. Chasing the cheapest labor and lowest regulations really doesn't do much for the populace other than make them slave laborers for better products for the benefits of other nations.
If the wages are the same across multiple industries then it doesn't really help right? It's just taking advantage of a poor countryand enriching higher members of that country who actually do see the most profit gained.
It might help in getting advanced manufacturing set up in the country but that actually also hurts countries that rely on advanced manufacturing to keep GDP high when they are creating their competitors while doing little investment into themselves.
So yes it works to get the cheapest product possible but it's really not the super helpful beneficial concept that you think it is and the whole world is not richer for these jobs we give to them to enrich further a group that just chases the quickest profit.