South Korean President Park Geun-hye proposed Thursday to hold reunions for families separated due to the 1950-53 Korean War and establish a peace park in the Demilitarized Zone (DMZ) with the Democratic People's Republic of Korea (DPRK), according to Yonhap News Agency.

Park made the call during her speech on the country's National Liberation Day marking the end of Japan's colonial rule on the Korean peninsula in 1945.

"The South and North have been separated for 68 years. Now it's time to open an age of peace and cooperation," Park said.

"I hope North Korea (DPRK) could open its heart in order to hold the family reunion before or after Sep. 19," she said, referring to Chuseok, one of the most important traditional festivals in South Korea.

She also suggested to establish a peace park inside the DMZ between South Korea and the DPRK.

On historical issues, Park said "if Japan doesn't face up to history, it is difficult to build trust in the future (between South Korea and Japan)."

She also urged Japan to apologize and compensate the surviving wartime sex slaves, often euphemistically called "comfort women."