This chapter explores the strategic, policy and conceptual frameworks that underpin the current European reindustrialisation agenda, with a specific focus on Portugal’s metalworking and electromechanical industries. In the context of structural transformations driven by globalization, technological shifts and geopolitical tensions, the study reflects on the alignment between European-level initiatives, such as the Green Deal Industrial Plan, the Net-Zero Industry Act and the Competitiveness Compass, and national industrial dynamics. The proposal is based on a literature review, policy analysis and sectoral diagnosis, aiming to critically examine how smart specialization, mission-oriented industrial policy and strategic autonomy are being translated into practice in Portugal. The sector under analysis is presented as a relevant case for understanding the challenges and potential of industrial repositioning, particularly in relation to innovation, workforce skills, technological adoption and global value chain integration. The communication aims to contribute to ongoing debates on reindustrialization in Europe by offering a contextualized perspective from a peripheral economy, combining theoretical reflection with empirical orientation Keywords: Deindustrialization, Reindustrialization, Value Chain, Repositioning

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Deindustrialization,Reindustrialization,Value Chain,Repositioning