Kaesong Industrial Complex Support Center in Kaesong, North Korea is seen from a guard post in Panmunjom in Paju, Gyeonggi Province in this July file photo. President Yoon Suk-yeol announced his Audacious Initiative for North Korea's denuclearization which mainly consists of economic incentives. Joint Press Corps

By Kwon Mee-yoo

President Yoon Suk-yeol unveiled what he called the "audacious initiative," which consists of economic assistance for North Korea in exchange for its denuclearization, in his Liberation Day speech on Monday, but its feasibility has been questioned as it carries no guarantee of security and lacks details.

During his speech, Yoon said the initiative will "significantly improve North Korea's economy and its people's livelihoods in stages" if North Korea gives up its nuclear program and accepts his proposal.

"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," Yoon said.

First mentioned during Yoon's inauguration speech in May as part of his North Korea policy, Yoon once again asked the Ministry of Unification to come up with a plan including economic support and security guarantees during the ministry's policy briefing to the president in July.

However, security issues were not included in Yoon's speech, leaving little to attract interest from North Korea.

Park Won-gon, a North Korean studies professor at Ewha Womans University, said the North is unlikely to accept Yoon's initiative as it has repeatedly opposed economic incentives in return for denuclearization.

"North Korea insists that nuclear strength can bring economic prosperity and recognizes economic incentives for giving up nukes as a denial of its regime," Park said.

President Yoon Suk-yeol delivers his Liberation Day speech, unveiling his administration's vision for North Korea's denuclearization in front of the presidential office in Yongsan District, central Seoul, Monday. Yonhap

Cheong Seong-chang, director of the Center for North Korean Studies at the Sejong Institute, said Yoon holds a Cold War era perspective on North Korea and the opinion that anti-communism is part of the independence movement.