Regional Procurement the new Globalization?

From Procurement Leaders Magazine:

Regional procurement the new globalisation Companies are looking closer to home for materials and redesigning their supply chains to suit as the pressures of climate change and the financial crisis force western businesses to reassess low-cost country sourcing strategies.
Speaking to the Financial Times, Dan O'Regan, head of supply chains at accounting firm Ernst & Young, said that it isn't just the prospect of regulatory change but also the downturn which is forcing businesses to look more local. "I think you will find smaller, more regional supply chains," he told the newspaper.
The chief executive of Philips, Gerard Kleisterlee, said, “A future where energy is more expensive and less plentifully available will lead to more regional supply chains" before going on to add that an economic crisis is a period when companies should sit back and think, "is this a moment to make some fundamental change".