South Korea will participate in a working group tasked with implementing a peace plan proposed by Ukrainian President Volodymyr Zelenskyy, a presidential official said Wednesday.

The decision came while National Security Adviser Cho Tae-yong was visiting Saudi Arabia last weekend to take part in multinational peace talks concerning Ukraine. The meeting was attended by the national security advisers of 45 nations, with most of them expressing their commitment to ending the war in Ukraine and quickly restoring peace in the country.

Zelenskyy's peace plan, known as the Peace Formula, comprises 10 points calling for radiation and nuclear safety, food security, energy security, and the release of all prisoners and deportees, among other things.

The establishment of a working group to handle the implementation of the peace formula was discussed during the Saudi Arabia meeting, the official said.

Participants at the meeting also agreed to continue discussions on holding a similar gathering in the future and realizing a Peace Formula Summit as proposed by Zelenskyy.

"In line with one of the key points of the Ukraine Peace and Solidarity Initiative we proposed, we will take part in the Peace Formula working group," the official said.

Under the initiative announced during President Yoon Suk Yeol's surprise visit to Ukraine last month, South Korea pledged to provide a package of security, humanitarian and reconstruction assistance to the war-torn country, which included encouraging key developing nations to participate in the envisioned Peace Formula Summit.

South Korea reportedly hopes its participation in the working group will help its businesses take part in large-scale reconstruction projects in post-war Ukraine. (Yonhap)