South Korea’s new liberal president, Lee Jae-myung, yesterday pledged to raise the country from what he described as the near destruction caused by a martial law attempt and revive a struggling economy facing global protectionism.
Lee’s decisive victory in Tuesday’s snap election stands to usher in a sea change in Asia’s fourth-largest economy, after backlash against a botched attempt at military rule brought down Yoon Suk-yeol just three years into his troubled presidency.
He faces what could be the most daunting set of challenges for a South Korean leader in nearly three decades, ranging from healing a country deeply scarred by the martial law attempt to tackling unpredictable protectionist moves by the US, a major trading partner and a security ally.
Photo: Reuters
“A Lee Jae-myung government will be a pragmatic pro-market government,” he said after taking the oath of office at parliament, a location where six months ago he jumped over the perimeter wall to enter the chamber and avoid martial law troops barricading it to vote down the decree.
He promised deregulation to spur innovation and growth in business, and pledged to reopen dialogue with North Korea while maintaining a strong security alliance with the US.
“It is better to win without fighting than to win in a fight, and peace with no need to fight is the best security,” he said, referring to his country’s often violent relations with rival North Korea.
Lee was officially confirmed earlier as president by the National Election Commission and immediately assumed the powers of the presidency and commander in chief, speaking with the top military leader to receive a report on defense posture.
With all the ballots counted, Lee won 49.42 percent of the nearly 35 million votes cast, while conservative rival Kim Moon-soo took 41.15 percent in the polls, the highest turnout for a presidential election since 1997, official data showed.
Lee has said he would address urgent economic challenges facing the country on the first day in office with a focus on the cost-of-living concerns affecting middle and low-income families and the struggles of small business owners.
“With democracy alive, I hope the president will revive the economy, and have consideration for underprivileged citizens and small business owners,” said Kim Eun-kyung, 58, a Seoul resident.
The new president also faces a deadline set by the White House on negotiating import duties that Washington has blamed for a large trade imbalance between the countries.
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