ANKARA - South Korea's new President Yoon Suk-yeol was sworn in on Tuesday in a crowded ceremony held at the National Assembly in the capital Seoul.

Ahead of the oath, Yoon received a detailed briefing from the Joint Chiefs of Staff at an underground bunker of the new presidential office at midnight, according to Yonhap News Agency.

"I solemnly swear before the people that I will faithfully perform the duties of the president," said Yoon, while taking oath as the new president of the East Asian nation for the next five years.

Speaking at the inaugural ceremony, Yoon vowed to work for peace in the region and offered economic support to North Korea if Pyongyang takes steps toward denuclearization.

"While North Korea'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," the agency quoted Yoon as saying.

"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 added.

He also talked about the current economic situation of the country and promised to take practical steps to resolve these issues.

The ceremony was attended by over 40,000 people, including officials from the US and China.

The new president is facing several challenges, including the task to balance ties with China to defuse ongoing tensions with North Korea.

On Monday, the outgoing President Moon Jae-in also called for the resumption of dialogue between South and North Korea.

In his farewell address, Moon said: "Peace is a condition of survival for us, a condition of prosperity."

His statement came amid growing tensions as the North could move for another nuclear test after numerous missile drills, including an intercontinental ballistic missile this year. (Anadolu)