President Yoon Suk Yeol on Aug. 15, 2022, proposed an "audacious initiative" to North Korea.

In a celebratory speech he gave to mark the 77th National Liberation Day, he said, "Denuclearization of North Korea is essential for sustainable peace on the Korean Peninsula, in Northeast Asia and around the world," adding, "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."

"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. We will also help enhance North Korea’s agricultural productivity, offer assistance to modernize hospitals and medical infrastructure, and implement international investment and financial support initiatives."

President Yoon specified the "audacious initiative" he mentioned on May 10, 2022, in his inauguration speech, pledging a step-by-step plan for economic cooperation with the North based on Pyeongyang taking measures toward "practical denuclearization."