South Korea and Russia vowed Wednesday to bolster their ties in the hydrogen industry as both countries seek to utilize more environment-friendly resources and break away from traditional fossil fuels.

The consensus was reached in a videoconference between Deputy South Korean Trade Minister Park Ki-young and his Russian counterpart, Aleksandr Morozov, according to the Ministry of Trade, Industry and Energy.

"There is great potential for cooperation between South Korea and Russia, which can produce economic hydrogen based on Russia's rich natural resources," Park said in a statement.

During the meeting, the two countries also vowed to continue to make efforts to find joint projects in the segment.

During the meeting, Russia expressed hope that South Korean companies, such as Hyundai Motor Co., can participate in Moscow's project to operate rental services of hydrogen automobiles.

South Korea has been seeking to foster the hydrogen economy, utilizing the resource in various areas from automobiles to generating power.

Under the plan, South Korea plans to produce 6.2 million units of hydrogen fuel cell cars by 2040 and build 1,200 charging stations across the country.

Hydrogen is an environmentally friendly alternative to fossil fuels as automobiles running on the resource only create water in the process of generating power. It can be produced as a by-product of industrial facilities, including petrochemical plants as well. (Yonhap)