North Korea has unveiled details of the five-year strategy to boost its economy, vowing to ease the shortages of electric power and improve the livelihood of North Koreans, Pyongyang's media said Thursday.

The North called for a thorough implementation of the five-year vision that North Korean leader Kim Jong-un laid out at a rare ruling Workers' Party of Korea congress in May, as it held the meeting of the Supreme People's Assembly, the country's rubber-stamp parliament, on Wednesday.

Firmly seeking the dual pursuit of nuclear and economic development, the Cabinet will make efforts to "settle the problem of energy and improve the standard of people's living by increasing the agricultural and light industrial production," the Korean Central News Agency said.

The assembly was held as a follow-up to the first WPK congress in 36 years where the North's leader was elected to the post of party chairman.

On Wednesday, the North's parliament elected Kim the chairman of the newly created state apparatus called the State Affairs Commission, a move aimed at further helping reassert his one-man rule.

The new organ replaced the National Defense Commission, the main state organization under the regime of the current leader's late father Kim Jong-il who advocated a military first, or "songun," policy.

Since the North's young leader inherited power in late 2011 following the sudden death of his father, the North Korean economy has posted marginal growth.

But the country's moribund economy may face risks of faltering as Pyongyang was slapped by tougher sanctions from the U.N.

Security Council in March for its fourth nuclear test in January and long-range rocket launch the following month.

In defiance of international condemnation, North Korea reaffirmed its commitment to developing nuclear weapons in tandem with boosting the country's economy, commonly known as the "byeongjin" policy.

The KCNA said that at the assembly the country pledged to make "a decisive turn" in improving the standard of living.

"The Cabinet will settle the food problem of the people with the farming, stock-breeding and fishery as the three thrusts and basically settle the problem of consumer goods by channeling efforts into developing the light industry," it said.

Shortly after the party congress concluded, the North said in June that it will launch a hard-work drive, called the "200-day campaign of loyalty," in a bid to implement the 2016-2020 strategy of economic development.

South Korea's unification ministry said that Pyongyang's economic vision lacks a specific action plan, including production targets.

"The North is expected to face difficulty in accomplishing economic goals under the international sanctions regime," a ministry official said. "Without foreign investment and with the country's insistence on its self-reliance principle there will be limitations on meeting economic goals."  (Yonhap)