South Korea Offers Economic Aid to North in Exchange for Denuclearization

SEOUL (Sputnik) - South Korea is ready to facilitate the development of the North's economy, energy, trade and agriculture sectors and employ international investment initiatives if Pyongyang starts a real denuclearization process, South Korean President Yoon Suk-yeol said on Monday.

"Provided that Pyongyang shuts down the development of nuclear weapons and starts the real denuclearization, I propose a huge plan intended for improvement of the North Korean economy and the lives of the country's people which would be executed in accordance with its [denuclearization] stages," Yoon said on the occasion of the National Liberation Day of Korea, as broadcast by the official KTV channel.

The plan presupposes a large-scale food program, assistance in establishing industrial infrastructure, electric supply transmission and distribution, as well as the modernization of ports and airports to set up international trade, the president said.

Seoul is also ready to assist Pyongyang in increasing the North's agricultural productivity, leveling up the country's medical infrastructure and employing international investment financial support initiatives, he added.

The National Liberation Day of Korea is celebrated annually on August 15 to commemorate the liberation of Korea from the Japanese rule in 1945.