What you mean is Equipment, like my preheater, my friend’s business laser cutter, or my employer’s SMT reflow oven.
If you pay less for your capital, you get to do more things. Japan by contrast stalled its economy out because it weakened its currency, hurting its ability to import equipment.
It also weakened its own people’s ability to save, which is the chief way capital purchases are made. Especially at the individual level.
There’s little-to-no value in domestic manufacturing that competes directly with cheap knick-knacks, or the lower end of commodities.
Cheap-end manufacturing is a bootstrapper meant to help a rural nation transition to an industrial one. Higher-developed nations are supposed to let it go; they don’t need it anymore they’re developed. They now need to focus on things higher up the value chain that those poorer countries can’t produce.
Whether it’s high end commodities like steel you can use in aircraft and rockets, or high end intermediate goods like the microchips that go into all electronics, or high end finalized goods like aircraft and radar,
or being the ones who build the tools everyone else has to use to make something else.
China couldn’t build its much vaunted High Speed Rail with its own technology, nor its factories; it had to import everything.
But if there’s really that hobby horse industry that you really don’t want to let go of, then the Netherlands shows the right way to go about it, in their agricultural sector.
Transitional research. They produce more than anyone else, with less resource inputs (but more capital).
And of course, higher end quality. And it’s all because their universities dedicated themselves not just to gather abstract knowledge, but practical studies on best practices, and how to best employ emergent technology.