Prime Minister Chung Sye-kyun has vowed the government’s full support toward making South Korea a powerhouse of hydrogen economies. 

Chairing a meeting of the government’s committee on hydrogen economy on Thursday, Chung said South Korea can sufficiently become the "first mover" in the field of hydrogen as there is yet no clear forerunner. However, the U.S., European Union, Japan and China are currently expediting efforts to become this forerunner.  

Chung said the government plans to provide some 800 billion won for South Korea’s swift transition into a hydrogen economy, including developing key related technology.  

The government plans to implement a system that would make mandatory the purchase of power produced by hydrogen fuel cells in the electric power market and lower the price of natural gas used in making hydrogen by up to 43 percent.