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 21 st 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 . [ Hot News ] ◆ Park takes helm ◆ Economic democratization overshadows inauguration ◆ Welfare , public safety focus of Park ’ s agenda ◆ Where have we seen it before ? ◆ British teen dies in fall from ski lift