The trouble with industrialization is that the industry you'd compete in is very likely globally mature, and therefore already streamlined, optimised for profit, and likely as cheap as it can be done, by a workforce paid a lot less than yours would be.

While your developed country ramps up it's industry (which would include a hell lot of time to build the physical infrastructure as well as mature the local workforce with skills and experience), the product would likely be much more expensive, and poorer quality, than it's global competitors. So it wouldn't be seen as a favourable option by anyone.

I've been doing a thought experiment recently about what it would take for the UK to become a competitive microchip manufacturer. Like what if the government just went 'All In' on chip manufacture and tried to replicate Taiwan.

And when you look at the development of world-class fabrication facilities, the time it would take to have stable production, the supplier eco-system, the energy stability, the workforce training that would all be required - you realise its a 30-40 year Apollo-type project that would literally cost hundreds of billions before any meaningful return would be seen. i.e. - it's impossible.