The Republic of Korea (RoK) on July 21 reaffirmed it will offer substantial financial incentives to the Democratic People’s Republic of Korea (DPRK) if it takes concrete steps towards denuclearisation, according to local media.

Chief nuclear negotiator, Wi Sung-Lac, and vice chairman of the Financial Services Commission Rhee Chang-Young, briefed foreign investors on the plan last week at a video conference organised by Goldman Sachs.

The DPRK's denuclearisation is a precondition for such aid, Yonhap news agency reported, citing Wi, special representative for Korean Peninsula peace and security affairs.

It was first proposed by RoK President Lee Myung-Bak in February last year as part of his "Denuclearisation, Openness, 3000" campaign.

Under the campaign, the RoK pledged to help its neighbour raise its gross domestic income to 3,000 USD over a decade if it abandons its nuclear programme.

As part of the campaign, Seoul aims to create an aid fund worth 40 billion USD with the assistance of the Asian Development Bank and the World Bank.

However, the DPRK has rejected the "Vision 3,000" initiative because it is linked to denuclearisation./.