The new president of South Korea, Yoon Sok-yeol, promised to promote the development of North Korea and help its citizens, subject to denuclearization, RIA Novosti reports.

In a speech at his inauguration ceremony, Yoon Seok-yeol once again called on North Korea to stop the development of nuclear weapons and move towards denuclearization, and promised to seek negotiations.

Yoon Seok-yeol also promised that South Korea, in cooperation with the international community, will help improve the standard of living of North Korean citizens and the economy of North Korea if it stops developing nuclear weapons and moves on to real denuclearization.

"If North Korea genuinely embarks on a process to complete denuclearization, we are prepared to work with the international community to present an audacious plan that will vastly strengthen North Korea's economy and improve life for its people," he said.

"Denuclearization would "greatly contribute to bringing lasting peace and prosperity on the Korean Peninsula and beyond," he added.