Leaders in the domestic auto, chemical and steel industries have joined forces to launch a consultative body with the aim of advancing the country's hydrogen economy.

Fifteen entities, including ten conglomerates, attended the inaugural general assembly of the Korea H2 Business Summit on Wednesday. Hyundai Motor Group Chairman Chung Eui-sun, SK Group Chairman Chey Tae-won, and Posco Group Chairman Choi Jeong-woo were in attendance.

The Hyundai Motor chairman expressed his hope that the summit will not only play a role in building corporate competitiveness but also be a platform for the development of the country's hydrogen economy and enhance its global competitiveness by bringing together business, policy and finance.

Members plan to hold an annual general assembly every September to discuss key issues and ways to enhance cooperation. They plan to hold a global investors' day each year to promote investment in the sector.

The participants are also expected to seek to secure a global hydrogen supply chain, as well as next-generation core technology in the area as South Korea aims to cut carbon emissions and move toward sustainable sources of energy. 

Five conglomerates, namely Hyundai Motor, SK, Posco, Hanwha and Hyosung, have pledged to inject 43-point-four trillion won into hydrogen production, distribution and utilization by 2030.