South Korea offers economic incentives to North in return for denuclearization

South Korea offers economic incentives to North in return for denuclearization
August 15, 2022, 9:49 am

South Korean president-elect Yoon Suk-yeol (File photo: Jung Yeon-je / AFP)

Local media in South Korea reported, President Yoon Suk-yeol on Monday (August 15) offered economic incentives to rival North Korea in return for denuclearization and vowed to set on track bilateral relations with Japan.

Yoon Suk-yeol said his government will improve relations with Japan on the basis of the 1998 joint declaration, the Anadolu Agency reported. the announcement came as he was peaking at an event in his office on the occasion of Liberation Day

Yonhap News Agency quoted Yoon as saying: "In the past, we had to unshackle ourselves from the political control imposed upon us by imperial Japan so that we could regain and defend our freedom.”

South Korea marked the 77th year of independence from Japan's 1910-45 colonial rule.

He added: "Today, Japan is our partner as we face common threats that challenge the freedom of global citizens.”

A projectile is fired during North Korea's missile tests in this undated picture released by KCNA. (Reuters)

Bilateral relations worsened between Tokyo and Seoul during the administration of former South Korean President Moon Jae-in as the two sides launched rival tariffs on imports.

He also offered economic incentives to North Korea in return for denuclearization and said Pyongyang's denuclearization is "essential" for peace in the region.

North Korea to hold ratified parliament in September to discuss new issues

The agency quoted Yoon as saying: “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.”

He added: "We will implement a large-scale food program; provide assistance for power generation, transmission and distribution infrastructure; and carry out projects to modernize ports and airports for international trade.”

Tension on the peninsula rose in 2020 when North Korea attacked and blew up the inter-Korean liaison office along the border. Seoul warned of a strong response if Pyongyang "further worsens the situation."

South Korea's Innospace to launch rocket from Brazil in December

However, tensions soared further last year when both Seoul and Pyongyang ramped up drills to show off their military might.

The US and South Korea have extended several offers of dialogue to North Korea to ease current tensions on the peninsula, but North Korea has not responded.

Source: aa

New Zealand to deploy 120 troops to Britain to help train Ukrainian troops Fireworks explosion in Armenia kills at least 5 and injures 60