SECURITY CHALLENGES
Aside from painting a more detailed picture of her economic policy design, Park also focused part of her speech on the country's northern neighbor.
She said that the Democratic People's Republic of Korea (DPRK), which recently defied international warnings by conducting an underground nuclear test, would end up as the biggest victim if it continues to pursue nuclear capabilities.
"I urge the DPRK to abandon its nuclear ambitions without delay and embark on the path to peace and shared development," she said.
At the same time, she reaffirmed her pledge to seek a so-called "trust-building process" between the two sides to "lay the groundwork for an era of harmonious unification."
"Trust can be built through dialogue and by honoring promises that have already been made," Park said.
Observers said these remarks showed that the new government still hopes to resolve the Korean Peninsula nuclear issue via dialogue, despite the recent DPRK nuclear test.
To ease the tensions arising from the nuclear test, Park said she would expand cooperation with related parties and strive to increase mutual trust with the United States, China, Japan and Russia.