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1 1 (May 16, 2023)

handle is hein.amenin/aeiaepf0001 and id is 1 raw text is: riendishorirn-the rc 0catior of aru fact rir;, supply chairs, or bo'th away fromn China and other geopoliticaiy riskycountries toriendier hnes- -asqcme a nuch -desired obectivefor Western comparies. Srince coutrie thatcould ben it fror'n rirdshorirn w;ill r e ab t rep licate .h dr n -S tages, they shourd tearn up with ore or rnore neighbors to offer prospective friendlhorers combined solu-ions. The solutions souLd inrclude corvenint logistics rinuding across borders); easto-handle taxation adr tar.if rules, ncluding for comonr:enCs crossing boer ccveral times; and the reroval of red tape. Frierdshorirg companies shouid clear y communicate their plans: as tsterrn custorners ar the wider oublic are liely' to strongly support such moves They should ilso seek advice from manufacturers that have rnoved production frorn China in recent years (for oractical rather than georoiitical reasons). The 202 cord of the year in the English lang rage was, den 7ding on th dictionary consulted, gomlin mode (w.hi should technically be labeled a ph'rase), aslight- i:g, wonman, or perm.acnis' It Could juSt as w eI have been fridshoring-the act of moving parts of man- 3acturi.g fri-m geopolitically risk' coun.tris to frierd- Iler ones. At the beinning of the year, the term barely existed; to the extent it was mentioned, it was in a less quiet discussions amniong business leaders. By the end of the year, vth Russia's war against Ukraine continu- Ing and the confro:ntation between Chin:a ard the West accelerating, riendshoring had become not just a buzz- word but a mater of urgency fr west ern businesses. What's less cl ar ho-ugh, is how riendshoring is to be executed. What are te detis rvolved in moving crucial parts of a naanulcturing chaIn fom. one coun- try to one, two, three, or more repla-emient countries? This report analyzes the challenges and presents steps for companies and destinartion cantries. Background ffshoring Was tie defmliing feature of business in the 1990s, BetveeJ 1993 end 2o01, the number of U vork- ers employed in m aneufacring pliunm ted froniear v 7.6 niliion to just over 1o million?- So dramatic was the manufacturing exodus that when George v. Bu'h 5s- ited China in 2005, Dave- Letterman annrr ce d that President Bush is or an eight-day tour of Asia. He's vis- itirggAmerwan jobs.3 Europe-based companies offshored, too, first to the countries that had previously been behind the Iron Curtain and theo to China. Yes, China, which off ered not just a nassive population moving to niiddle-class

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