Prime Minister Kim: "One Year of Hydrogen Act, Still Insufficient... Must Foster Hydrogen Industry with Progressive Attitude"

6th Cabinet Meeting

Prime Minister Kim Boo-kyum is presiding over the Cabinet meeting held at the Government Seoul Office Building on the 3rd. February 3, 2022. Photo by Yonhap News

[Asia Economy Sejong=Reporter Son Seon-hee] Prime Minister Kim Boo-kyum said on the 3rd, one day before the first anniversary of the enactment of the Hydrogen Act, "The government is presiding over the Hydrogen Economy Committee to establish a basic plan and promote large-scale private investment to foster the hydrogen economy, but this alone is still insufficient," adding, "For South Korea to truly become a leading hydrogen economy, we need to nurture the hydrogen industry with a more progressive and open attitude."

On the morning of the same day, Prime Minister Kim presided over a Cabinet meeting at the Government Complex Seoul and said, "In the era of carbon neutrality, countries around the world recognize the value of hydrogen as an eco-friendly energy and fiercely compete to take the lead in the hydrogen industry." He then urged related ministries, including the Ministry of Trade, Industry and Energy and the Ministry of Environment, to "make further efforts to create an organic ecosystem from hydrogen production to supply and utilization."

Regarding the 'Safety Management Standards for Hydrogen Products,' which will be enforced from the 4th, Prime Minister Kim emphasized, "Please pay special attention to ensure it takes root smoothly on site." Furthermore, he said, "To accelerate the transition to a hydrogen economy, the government must first institutionalize it to lead private investment and innovation efforts," and added, "I hope the amendment to the Hydrogen Act, including the 'Clean Hydrogen Power Purchase and Supply System,' will be promptly passed by the National Assembly."

With the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement (FTA), announced domestically from this month, Prime Minister Kim said, "Last year, we could feel how important exports are to the Korean economy," and added, "Since RCEP accounts for about 30% of the world's trade volume, GDP, and population, our trade map has expanded further, and I expect our companies to actively enter the global market."

He also urged, "Related ministries such as the Ministry of Trade, Industry and Energy should provide thorough, field-centered support so that our companies can actively and effectively utilize RCEP," and added, "In particular, please establish an organic cooperation system with companies to provide customized information by industry and country in an easy-to-understand manner and to promptly resolve export-import difficulties when they arise."

This content was produced with the assistance of AI translation services.