In this paper, we argue for a role of regional industrial policy, especially in peripheral regions. Current structural changes in industry are indeed inducing the territorial dimension of industrial development to be increasingly important. Globalisation and technological developments in the fourth industrial revolution are translating into global value chains and hyper-competition, and territories can attract, via appropriate industrial policy, the ‘high’ phases of these new production processes. We argue for the importance of comprehensive industrial policies, namely industrial policies favouring learning and creativity including a strong action on education and vocational training. In this sense current structural changes are offering new opportunities for peripheral regions to overcome locational disadvantages.