South Korean President Moon Jae-in
South Korean President Moon Jae-inReuters

South Korean President Moon Jae-in on Wednesday said that there was a "high possibility" of a conflict with North Korea. The newly-elected President's statement came as Pyongyang continues to press ahead with its nuclear and missile programmes.

Moon made the statement a few hours after South Korea said that it wanted to reopen a channel of dialogue with North Korea. Moon, throughout his presidential campaign, had shown a willingness to rein in its neighbour through dialogue. However, Moon is now seeking a two-track policy of sanctions and dialogue.

North Korea, on various occasions, has announced that it seeks to develop a nuclear-capable ballistic missile with the ability to strike the US mainland. It has also regularly threatened South Korea and Japan of strikes for colluding with the United States.

"The reality is that there is a high possibility of a military conflict at the NLL (Northern Limit Line) and military demarcation line," Moon was quoted as saying by the presidential Blue House.

Watch North Koreas latest missile launch that shows Pyongyangs progress toward ICBM
North Korea's latest missile launch

Pyongyang, three days earlier, celebrated test of the "perfect weapon system" after the nation launched what it claimed as a new kind of intermediate-range ballistic missile system which can carry "a large-size heavy nuclear warhead."

US rocket scientists have said that the missile launched by North Korea on Monday showed considerable progress the country made towards developing an intercontinental ballistic missile which can reach America.

South Korean President also said that North's nuclear and missile capabilities seem to have advanced rapidly. He also added that South was ready for any attempt of strike from North and was capable of striking back should Pyongyang attack.

North Korea has carried out a total of five nuclear tests so far, and according to an expert satellite imagery analysis, Pyongyang may be preparing for a sixth test soon.