Following are excerpts from the English version of President Park Geun-hye’s inaugural address ― Ed.

As President of the Republic of Korea, I will live up to the will of the people by achieving economic rejuvenation, the happiness of the people, and the flourishing of our culture. I will do my utmost to building a Republic of Korea that is prosperous and where happiness is felt by all Koreans.

Throughout the vortex of our turbulent contemporary history we always prevailed over countless hardships and adversities. Today, we are confronted anew with a global economic crisis and outstanding security challenges such as North Korea’s nuclear threat. At the same time, capitalism confronts new challenges in the aftermath of the global financial crisis.

Economic revival

Today, I would like to propose a new way forward fostered on a mutually reinforcing cycle of national advancement and the happiness of our people.

To begin with, economic revitalization is going to be propelled by a creative economy and economic democratization.

Across the world, we are witnessing an economic paradigm shift.

A creative economy is defined by the convergence of science and technology with industry, the fusion of culture with industry, and the blossoming of creativity in the very borders that were once permeated by barriers.

It is about going beyond the rudimentary expansion of existing markets, and creating new markets and new jobs by building on the bedrock of convergence.

At the very heart of a creative economy lie science technology and the IT industry, areas that I have earmarked as key priorities.

The new administration’s Ministry of Future Planning and Science will be tasked to lead the emergence of a creative economy in tandem with this new paradigm.

People are the nucleus of a creative economy. We live in an age where a single individual can raise the value of an entire nation and even help in rescuing the economy.

New opportunities to serve their country will be opened to numerous talented Koreans thriving across the global village. And to those who are equally enabled at the home front, efforts will be enhanced to allow them to become convergence leaders imbued with creativity and passion as pillars of a future Korea.

In order for a creative economy to truly blossom, economic democratization must be achieved.

I believe strongly that only when a fair market is firmly in place, can everyone dream of a better future and work to their fullest potential.

One of my critical economic goals is to ensure that anyone that works hard can stand on their own two feet and where, through the support of policies designed to strengthen small and medium-sized enterprises, such businesses can prosper alongside large companies.

Happiness of the people

A genuine era of happiness is only possible when we aren’t clouded by the uncertainties of aging and when bearing and raising children is truly considered a blessing.

No citizen should be left to fear that he or she might not be able to meet the basic requirements of life.

A new paradigm of tailored welfare will free citizens from anxieties and allow them to prosper in their own professions, maximize their potentials, and also contribute to the nation’s development.

I believe that enabling people to fulfill their dreams and opening a new era of hope begins with education.

Our educational system will be improved so that students can discover their talents and strengths, fulfill their precious dreams and are judged on that bases. This will enable them to make the best use of their talent upon entering society.

We will transform our society from one that stresses academic credentials to one that is merit-based so that each individual’s dreams and flair can bear fruit.

It goes without saying that protecting the lives and ensuring the safety of the people is a critical element of a happy nation.

The new government will focus its efforts on building a safe society where women, people with disabilities, or anyone else for that matter, can feel at ease as they carry on with their lives, no matter where they are in the country.

Flourishing culture

In the 21st century, culture is power. It is an era where an individual’s imagination becomes creative contents.

Across the world, the “Korean Wave” is welcomed with great affection that not only triggers happiness and joy but one that instills abiding pride in all Koreans.

This is a result of a foundation created by the convergence of both tangible and intangible heritages of five thousand years of Korea’s cultural splendor as well as our spiritual ethos.

The new administration will elevate the sanctity of our spiritual ethos so that they can permeate every facet of society and in so doing, enable all of our citizens to enjoy life enriched by culture.

We will harness the innate value of culture in order to heal social conflicts and bridging cultural divides separating different regions, generations, and social strata.

We will build a nation that becomes happier through culture, where culture becomes a fabric of daily life, and a welfare system that embodies cultural values.

Creative activities across wide-ranging genres will be supported, while the contents industry which merges culture with advanced technology will be nurtured. In so doing, we will ignite the engine of a creative economy and create new jobs.

North Korea

North Korea’s recent nuclear test is a challenge to the survival and future of the Korean people, and there should be no mistake that the biggest victim will be none other than North Korea itself.

I urge North Korea to abandon its nuclear ambitions without delay and embark on the path to peace and shared development.

It is my sincere hope that North Korea can progress together as a responsible member of the international community instead of wasting its resources on nuclear and missile development and continuing to turn its back to the world in self-imposed isolation.

Through a trust-building process on the Korean Peninsula I intend to lay the groundwork for an era of harmonious unification where all Koreans can lead more prosperous and freer lives and where their dreams can come true.

I will move forward step-by-step on the basis of credible deterrence to build trust between the South and the North.

Trust can be built through dialogue and by honoring promises that have already been made. It is my hope that North Korea will abide by international norms and make the right choice so that the trust-building process on the Korean Peninsula can move forward.

The era of happiness that I envision is one that simultaneously unlocks an era of happiness on the Korean Peninsula while also contributing to ushering in an era of happiness throughout the global community.

To ease tensions and conflicts and further spread peace and cooperation in Asia, I will work to strengthen trust with countries in the region including the United States, China, Japan, Russia and other Asian and Oceanic countries.

Moreover, I envision a Korea that shares more deeply the travails of others while also contributing to the resolution of key global issues.

Mutual trust

We stand on the threshold of a new era where our nation and people must walk in unison and where the nation’s development and the people’s happiness jointly form a virtuous cycle.

The success of our journey hinges on mutual confidence and trust between the government and the people, and their ability to move forward in partnership.

I will earn the trust of the people by ensuring that our government remains clean, transparent and competent. I will endeavor to shed popular distrust of government and strive to elevate the capital of trust.

In the needy days of our past, we shared with each other whatever we had. Even in the midst of their hardship, our ancestors had the generosity of mind to leave aside a few persimmons for the magpies during the harvest season. We are a people that had long led a life of communal sharing.

Reviving that spirit once again and building a society flowing with responsibility and consideration for others will allow us to be confident that a new era of happiness that all of us dream of is truly within our reach.

Such a spirit will offer a new model for capitalism that is in search of a new compass and set an example for addressing the uncertain future that confronts our world.