South Korea's industry ministry has announced that it has agreed with its Australian counterpart to expand ties in promoting hydrogen as the new main source of energy, in line with Seoul's plan to promote sustainable and green economic growth.
For the signing ceremony, Federal Minister for Resources and Northern Australia Matt Canavan visited Seoul.
It marked the fourth deal of its kind signed by South Korea this year, after the government unveiled the so-called hydrogen economy vision in January. Seoul also signed deals with Norway, Saudi Arabia, and Israel.
Under the agreement, the two countries vowed to draw up the so-called hydrogen action plan to vitalize their industries utilizing the gas through 2030.
"South Korea has a strength in the field of hydrogen cars and fuel cells, while Australia is competitive in terms of the supply of the energy," an official from the energy ministry said, claiming the two countries can cooperate in various areas.
Hydrogen is an environment-friendly alternative to fossil fuels as automobiles running on the resource only create water in the process of generating power.
It can be produced by processing LNG or as a by-product of industrial facilities, including petrochemical plants.
