Should Malaysia join in the race for space exploration? Please provide advantages & disadvantages.?

Maylasia does not have enough money to be a player in the space race except as a minor participant in a consortium of other countries.

If you mean the way the U.S. and Russia did starting back in the 1950's I would say no. However, Indonesia can benefit from the experience of other countries who launched space probes already. Using what was learned before, I don't see why Indonesia couldn't mount a space exploration program. It's in a good spot to send geo-stationary satellites into orbit due to it's location near the equator. Probably the place for them to start would be Earth observation satellites and space telescopes, then probes to the moon and destinations farther afield. Modest, narrowly focused missions can return a lot of science to answer questions raised by previous missions. In a nation of more than 200 million people, I'm sure Indonesia has the scientists, engineers and technicians to design, build, launch, and operate spacecraft of its own.

No. Malaysia is a poor country. They should put money towards more useful things that they need right now. Thailand and Indonesia have better economies than all others in southeast asia and should be considered for this before Malaysia.