North Korea on Thursday nullified all agreements on economic cooperation and exchanges with South Korea.
All assets belonging to South Korean enterprises in North Korea will be liquidated, Xinhua reported citing the KCNA news agency.
The statement by a spokesman for the Committee for Peaceful Reunification of Korea said the plan was made in response to a series of unilateral sanctions by Seoul on North Korea after the UN Security Council voted to adopt a tough resolution against Pyongyang.
According to the statement, North Korea vows to take steps to "launch lethal political, military and economic strikes on the President Park Geun-hye administration" of South Korea.
North Korea will immediately launch attacks "in pre-emptive manners" once the enemies take action, the military is only waiting for an order, the statement stressed.
South Korea on Tuesday unveiled a package of new unilateral sanctions on North Korea over its latest nuclear test and rocket launch.
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The stand-alone sanctions include a ban on the third-country ships that had stopped in North Korea within the past 180 days from entering South Korean ports.
Seoul added 30 North Korean entities and 40 North Korean individuals to the blacklist of those suspected in the involvement of Pyongyang's development of weapons of mass destruction.