President Moon Jae-in said South Korea has been recognized as an advanced nation a feat he attributed to the blood and sweat of the Korean people.
This follows last week's decision by the UN Conference on Trade and Development to categorize South Korea as a "developed" economy.
It's the first time it has upgraded the status of a member nation from "developing" to developed since its establishment in 1964.
"South Korea, now with pride as a confident advanced country, will take on further responsibility, play its role in the global community and make strides to become a pace-setting nation. I call on the people to have pride in this achievement earned through blood and sweat."
At a Cabinet meeting Tuesday, the president said South Korea's status on the global stage has been enhanced. by becoming one of the world's ten biggest economies and being invited to the G7 Summit twice in a row.
President Moon also took note of a recently passed bill to compensate small businesses hit by the coronavirus restrictions calling on officials to swiftly prepare for its implementation.
He also called for lawmakers' cooperation in passing the government's 29 billion U.S. dollar supplementary budget to provide aid to those most in need.