South Korea's president said Thursday that North Korea was "in the final stages" of developing an intercontinental ballistic missile (ICBM) with a nuclear warhead capable of reaching the United States.

South Korea's president said Thursday that North Korea was "in the final stages" of developing a nuclear-armed intercontinental ballistic missile (ICBM) capable of reaching the United States.

"Whether to gain leverage in negotiations with the United States or to secure its own regime, North Korea has continued to develop intercontinental ballistic missiles capable of delivering nuclear warheads to the United States," Lee Jae-myung said during a visit to the New York Stock Exchange.

Although the project "does not seem to be completed yet," he stressed, "it is said to be in the final phase."

"15 to 20 additional nuclear bombs each year"

Since taking office in June, the South Korean president has sought to improve relations with North Korea, in contrast to his predecessor Yoon Suk-yeol.

In New York, he said that "the goal should be to freeze nuclear development, ICBM development, and exports." Halting the production and development of nuclear weapons would bring "major security gains," he argued.

The South Korean president estimated that Kim Jong-un's regime was producing enough to make "about 15 to 20 additional nuclear bombs each year." If nothing is done, their number "will continue to increase every year" and the missiles "will become more sophisticated," he warned.

In recent years, Kim Jong-un has ruled out any idea of denuclearization and strengthened his military ties with Russia. The North Korean leader has said he is ready to resume contact with the United States if the latter abandons demands that Pyongyang abandon its nuclear weapons program, North Korean state media reported earlier this week.