Deputy Prime Minister Tan Sri Muhyiddin Yassin said the government was confident that the figures could be met through the National Timber Industry Policy (NATIP).
"Among the wood and timber products, furniture export accounted for RM6.5 billion last year, making Malaysia the third largest exporter among Asian nations and eighth in the world.
"I hope that the Plantation Industries and Commodities Ministry will continue to develop the country's furniture industry, so as to help the country become world's top three exporter by 2020," he said at the opening of the Galeri Glulam in Jalan Tampoi here yesterday.
Muhyiddin believedt hat steps taken by the ministry via NATIP would see a shift in wood-based industries towards Own Equipment Manufacturing (OEM), Own Design Manufacturing (ODM) and Own Brand Manufacturing (OBM).
"It is my aspiration to see our country becoming a famous producer of ODM or OBM furniture products like Italy, where their designs are acknowledged the world-over," he said.
Meanwhile, Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said for NATIP to achieve its target, the country had to overcome several challenges.
This includes the availability of raw materials, skilled workforce, competition from other countries, innovation and also processing technology.
"The ministry has set up a NATIP core committee to address the various issues faced by the domestic wood and timber industry," Dompok said.
The ministry will also undertake concerted measures to enhance the competitiveness of Malaysian wood-based industries.
It is also intensifying efforts to promote and educate industry experts abroad on the standard and certification of Malaysia's timber.