Seoul has offered “audacious” financial assistance if North Korea agrees to denuclearization of the peninsula President Yoon Suk-yeol is shown waving a South Korean flag during the country’s Liberation Day celebration on Monday. © Getty Images / Ahn Young-Joon

South Korean President Yoon Suk-yeol has marked the anniversary of the peninsula’s liberation from Japanese occupiers in 1945 by offering a massive package of economic assistance to North Korea if the rival nation abandons its nuclear weapons program.

“The audacious initiative that I envision will significantly improve North Korea’s economy and its people’s livelihoods in stages if the North ceases the development of its nuclear program and embarks on a genuine and substantive process for denuclearization,” Yoon said on Monday in his Liberation Day speech.

The package would include “large-scale” food aid and funding to develop North Korea’s electricity generation and distribution infrastructure, as well as projects to modernize ports and airports to facilitate trade, Yoon said. “We will also help improve North Korea’s agricultural production, provide assistance to modernize its hospitals and medical infrastructure, and carry out initiatives to allow for international investment and financial support.”

North Korea issues nuclear warning North Korea issues nuclear warning

Yoon emphasized that the measures would improve the lives of North Korea’s 26 million people. The economic assistance would be provided in phases as Pyongyang denuclearizes, and Seoul would advocate a gradual easing of international sanctions against North Korea. (RT)