The Deloitte 2016 Global Manufacturing Competitiveness Index (www2.deloitte.com) reveals that China currently remains the world’s most competitive manufacturing nation, with the USA in second place.

However, the USA is expected to take the top spot in the next five years due to its investment in technologies such as predictive analytics, the Internet of Things (IoT), smart factories, and advanced materials. Meanwhile, Germany, Japan and the UK are also making investments that will “maintain or improve their competitive positions”.

The report concluded: “The most competitive manufacturing nations are embracing higher-value manufacturing profiles reflective of Industry 4.0.

"In the wake of this transformation, the days when a country could establish a position of manufacturing dominance on the back of a single point of strength, such as cost competitiveness, are decidedly gone.

"In fact, leading countries are taking a much more balanced approach to talent, cost competitiveness and innovation, to set themselves apart from the global crowd.”