Lee Jae-myung, South Korea’s newly elected liberal President, on Wednesday pledged to restore the nation from the brink of destruction caused by a recent martial law attempt. He also committed to revitalizing an economy besieged by global protectionist trends that threaten its very existence.
Lee’s decisive victory in Tuesday’s snap election is poised to bring about a significant transformation in Asia’s fourth-largest economy. This shift follows widespread public backlash against a botched attempt at military rule, which led to the downfall of Yoon Suk Yeol just three years into his troubled presidency.
President Lee now confronts what could be the most formidable array of challenges for a South Korean leader in nearly three decades. These range from healing a nation deeply scarred by the martial law endeavor to navigating unpredictable protectionist measures imposed by the United States, a crucial trading partner and security ally.
“A Lee Jae-myung government will be a pragmatic pro-market government,” he declared after taking the oath of office at parliament. This very location holds symbolic significance, as six months prior, he had scaled its perimeter wall to enter the chamber and vote down a martial law decree, evading troops barricading the building.
He promised deregulation to stimulate innovation and foster business growth. Furthermore, he pledged to re-establish dialogue with North Korea while simultaneously upholding a robust security alliance with the United States and striving for diplomatic balance.
Regarding the country’s often tumultuous relationship with rival North Korea, he stated, “It is better to win without fighting than to win in a fight, and peace with no need to fight is the best security.”
Lee’s presidency was officially confirmed earlier by the National Election Commission. He immediately assumed the powers of the presidency and commander-in-chief, initiating communication with the top military leader to receive an update on the nation’s defense posture.
With all ballots tallied, Lee secured 49.42% of the nearly 35 million votes cast, while his conservative rival, Kim Moon-soo, garnered 41.15%. Official data indicated that these polls saw the highest voter turnout for a presidential election since 1997.
Lee has stated his intention to address the country’s urgent economic challenges on his first day in office. His focus will be on the cost-of-living concerns impacting middle and low-income families and the ongoing struggles of small business owners.
He also faces a deadline set by the White House concerning negotiations on import duties, which Washington has attributed to a significant trade imbalance between the two countries.
South Korean stocks experienced a rally on Wednesday morning, with the benchmark index climbing over 2% to its highest level in 10 months. The financial sector led these gains, driven by expectations of market reforms under Lee’s administration. Renewable energy stocks also saw an increase, aligning with Lee’s pledge for a greener energy mix.
‘Deal with Trump’
The preceding caretaker government had made limited progress in attempting to alleviate the crushing tariffs announced by U.S. President Donald Trump, which are set to significantly impact some of South Korea’s major industries, including automotive and steel.
“President Lee will find himself with little to no time to spare before tackling the most important task of his early presidency: reaching a deal with Trump,” commented the Washington-based Center for Strategic and International Studies.
U.S. Secretary of State Marco Rubio extended congratulations to Lee on his election victory. He affirmed that the countries “share an ironclad commitment” to their alliance, which is founded on shared values and deep economic ties.
Rubio further noted that both nations are “modernising the Alliance to meet the demands of today’s strategic environment and address new economic challenges.”
A White House official stated that Lee’s election was “free and fair” but conveyed that the United States remains concerned about and opposes Chinese interference and influence in democracies worldwide.
Lee has expressed more conciliatory intentions regarding ties with China and North Korea. He specifically highlighted the importance of China as a major trading partner, while also indicating a reluctance to adopt a firm stance on security tensions in the Taiwan Strait.
Nevertheless, Lee has pledged to continue Yoon’s engagement with Japan and reiterated that the alliance with the United States forms the backbone of South Korea’s global diplomatic strategy.
