South Korea’s newly elected liberal president, Lee Jae-myung, pledged on Wednesday to lead the country out of what he described as the “near destruction” caused by a failed martial law attempt and to reinvigorate an economy grappling with global protectionism.
Lee’s decisive victory in Tuesday’s snap presidential election marked a dramatic political shift in Asia’s fourth-largest economy.
His victory followed widespread backlash against former president Yoon Suk Yeol, whose administration collapsed three years into its term amid outrage over an aborted military decree to assert control over parliament.
In his inaugural address at the National Assembly, symbolically delivered at the chamber he once scaled a wall to enter during last year’s constitutional crisis, Lee outlined his vision for a pragmatic, pro-market administration.
“A Lee Jae-myung government will be a pragmatic, pro-market government,” he declared.
He pledged sweeping deregulation to fuel innovation, support for struggling small businesses, and renewed engagement with North Korea while maintaining South Korea’s longstanding alliance with the United States.
“It is better to win without fighting than to win in a fight,” Lee said, echoing a Confucian ethos as he addressed tensions with Pyongyang.
“Peace with no need to fight is the best security.”
The National Election Commission officially confirmed Lee, who immediately assumed the full powers of the presidency, including commander-in-chief.
His first briefing on national defence posture came from the military’s top brass.
Final results showed Lee winning 49.42% of the nearly 35 million votes cast, compared to 41.15% for his conservative rival, Kim Moon-soo.
It was the highest voter turnout for a South Korean presidential election since 1997.
Lee said his top priorities will include curbing rising living costs and addressing the economic pain the middle class and small enterprises feel.
South Korean financial markets responded positively to his election.
The benchmark KOSPI index jumped more than 2% to a 10-month high, led by gains in the economic and renewable energy sectors.
This reflects investor optimism about Lee’s reform agenda and green energy transition.
Lee inherits an economy still reeling from punitive U.S. tariffs targeting key South Korean exports such as automobiles and steel.
The interim government under acting leadership made little progress on trade talks during the transition.
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