For decades, industrial policy and competition policy have been viewed as inherently conflicting, particularly where state intervention may distort markets. However, the current era of geopolitical uncertainty, technological transformation and fragile global supply chains calls for a rethinking of this dichotomy. This paper argues that competition policy should be seen as a key component of modern industrial strategy, especially for economies seeking to build strategic capabilities. It proposes greater institutional coordination between competition authorities and industrial policymakers to support more effective, forward-looking economic planning. By integrating market analysis and technology foresight into strategic policy design, governments can better navigate the challenges of structural change without repeating the mistakes of past industrial activism.