Yoon Suk-yeol was sworn in on Tuesday as the 20th president of the Republic of Korea (ROK) at an inauguration ceremony held at the National Assembly in Seoul, succeeding his predecessor Moon Jae-in. 

In his inauguration address, Yoon offered to revive the economy of the Democratic People's Republic of Korea (DPRK) with an "audacious plan" if it takes steps towards "complete denuclearization," Yonhap News Agency reported. 

"While North Korea (DPRK)'s nuclear weapon programs are a threat not only to our security and that of Northeast Asia, the door to dialogue will remain open so that we can peacefully resolve this threat," Yoon said. 

"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 the quality of life for its people," he said.

Yoon made the remarks amid stalled denuclearization talks and an escalation of tensions on the Korean Peninsula. The DPRK conducted over a dozen weapons tests this year, including its first intercontinental ballistic missile (ICBM) test since 2017 and two projectiles last week. 

DPRK leader Kim Jun Un said in late April that the country will develop its nuclear capabilities "at the fastest pace." 

Yoon also vowed to rebuild the ROK on the foundation of a liberal democracy and market economy.  

"It is our generation's calling to build a nation that espouses liberal democracy and ensures a thriving market economy, a nation that fulfills its responsibility as a trusted member of the international community, and a nation that truly belongs to the people," he said before some 41,000 people gathered at the ceremony. 

"I stand before you today, humbled by the trust and responsibility that you have given me and mindful of my solemn duty to rebuild this great nation," he added.

At a time when the ROK's economy faces rising inflation, interest rates and exchange rates, he underscored the role of "science, technology and innovation" in achieving rapid growth. 

Chinese Vice President Wang Qishan attended Yoon's inauguration ceremony. During a meeting with outgoing President Moon on Monday, Wang said the fundamentals of China-ROK friendly cooperation "will not change and cannot be changed" no matter how the international and regional situation changes.