The government yesterday said it would spend 655.7 billion won ($615.9 million) this year on its balanced regional development strategy, through which it tries to synergize industries by pairing up different regions. 

The Ministry of Trade, Industry and Energy yesterday held the first regional economy meeting in central Seoul and announced a series of 16 joint industries to be co-developed between metropolitan cities and provinces, and 63 smaller industries to be nurtured by individual regions.

Among the list of 16 industries, seven larger industries were selected to become trial projects and receive 24 billion won of immediate support. 

North Chungcheong and Jeju will come together to develop cosmetics. North Chungcheong is a stronghold of cosmetics R&D while Jeju is a tourist mecca for foreigners, many of whom are fans of Korean cosmetic products. Jeju can also provide unique natural ingredients for the cosmetics.

Shipbuilding plants on the southeast coast, in South Gyeongsang and Ulsan, and on the southwest coast in South Jeolla, will start joint projects with ports in the southeastern port city of Busan. 

Researchers in the photoelectron industry in Gwangju and Daejeon will link up in a bid to accelerate the development of wireless optical communication technology and LED lighting products. 

Gangwon and North Chungcheong will join hands in the medical devices industry, while South Chungcheong and Sejong City will do so in the machine parts manufacturing industry. 

Daegu, Busan and North Gyeongsang will cooperate in developing and producing high-tech fabrics, while Gwangju and North Jeolla will work together in the eco-friendly auto parts industry.

BY KIM JI-YOON [jiyoon.kim@joongang.co.kr]