The better choice would be to onshore/keep key and strategic industries and skills in-country and other non-critical aspects of the economy can seek some labor

The better choice would be to onshore/keep key and strategic industries and skills in-country and other non-critical aspects of the economy can seek some labor arbitrage, but not so much to eviscerate the local workforce and economy that you end up with people in despair and then have to come up with ideas like UBI to shore up their purchasing power deficit. A bell-curve distribution means some people are only capable of low to mid-skill labor and you have to have a plan (other than physically export your low-skill labor --which is not a thing countries can do anyway)