Our economy is not based on Labour intensive industries but
capital intensive and recent years, knowledge based economy. If
comparing real cheap labour, Malaysia will lose out to China ,
Vietnam , Thailand, Indonesia
Companies pull out from spore to open factories in Msia, likewise
companies pull out from Malaysia to open factories in China,
Vietnam , Indonesia. etc 
Factories
will definitely be located in low cost centres like China and
vietnam , and there will be no end to the relocation to cheaper
labour cost centre. If there will be a cheaper place to set up
factory, all those China factories will definitely relocate .
It depends on which pt of view you look at. Accountants look at
fixed and variable costs for manufacturing and will look at the
cheapest place/way to mass produce.
CEOs , will include other hidden costs like political stability,
educational level of workforce, govt policies etc .
Anyway the majority of the spore workforce are not factory workers.
The Post independence workforce, are mainly white collar
workers.
Factory workers in spore, as a matter of fact, are mainly from
across the causeway and China , Bangadesh etc. 
