SEOUL, Nov. 1 -- South Korean President Moon Jae-in on Wednesday emphasized his government's principle of denuclearization and peace on the Korean Peninsula.

Moon made the remarks during his national address in the Nation Assembly, saying his administration made efforts to eventually realize peace on the peninsula while stably managing current situations. It was Moon's second speech to the parliament since he took office in May.

Moon stressed the importance for a denuclearized peninsula, saying South Korea will neither develop nor possess nuclear weapons just as the Democratic People's Republic of Korea (DPRK) will never be accepted as a nuclear state.

He said the DPRK's nuclear issue should be resolved peacefully as pressure and sanctions are only tools to encourage the DPRK to make a right choice and return to a dialogue table.

To sternly tackle the DPRK's provocations, Moon vowed to secure an overwhelming superiority of force and closely cooperate with the international community based on the South Korea-U.S. alliance.

According to the Moon government's first annual budget bill for next year, submitted to the unicameral parliament, defense budget would grow 6.9 percent in 2024, the fastest increase since 2009.