SOUTH Korea’s newly-elected liberal President Lee Jae-myung has pledged to lead the nation out of what he called the brink of collapse following a recent attempt at martial law.
Jae-myung made the declaration on Wednesday, June 4, after securing a decisive victory in Tuesday’s snap election, signalling a major turning point for Asia’s fourth-largest economy.
“A Lee Jae-myung government will be a pragmatic pro-market government,” he said after taking the oath of office at parliament.
Lee was officially confirmed as president by the National Election Commission and immediately he assumed the duties of head of state and commander-in-chief. He spoke with the nation’s top military commander to receive a briefing on the current defence posture.
According to official data, with all ballots counted, Lee secured 49.42 per cent of the nearly 35 million votes cast, defeating conservative challenger Kim Moon-soo, who garnered 41.15 per cent. The election saw the highest voter turnout for a presidential race since 1997.
The ICIR reports that his victory followed a public backlash against a failed attempt at military rule, which led to the downfall of Yoon Suk Yeol just three years into his turbulent presidency.
The country’s Constitutional Court in April upheld the impeachment of Yeol, dismissing him from office four months after his short-lived imposition of martial law.
Six months ago, Lee Jae-myung famously scaled the perimeter wall of parliament to enter the chamber and help vote down a martial law decree, evading troops who had barricaded the building.
Now as president, he has pledged to pursue deregulation to fuel innovation and economic growth, while also committing to renewed dialogue with North Korea alongside a continued strong security alliance with the United States.
“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 ties with rival North Korea.
He also vowed to revitalise the struggling economy amid growing global protectionism.
Lee now faces what may be the most formidable set of challenges for a South Korean president in nearly 30 years, from mending a nation deeply wounded by the recent martial law attempt to navigating increasingly unpredictable protectionist policies from the United States, a key trading partner and vital security ally.
The new president must also confront an impending deadline set by the White House to negotiate import duties, which Washington claimed had contributed to a significant trade imbalance between the two nations.
Jae-myung has pledged to tackle South Korea’s urgent economic challenges from his very first day in office, prioritising cost-of-living issues impacting middle- and low-income households, as well as the financial hardships faced by small business owners.
The ICIR reported that the South Korean government announced in April its readiness to hold its presidential election on June 3, following the removal of the former leader from office after a controversial declaration of martial law.
Nanji is an investigative journalist with the ICIR. She has years of experience in reporting and broadcasting human angle stories, gender inequalities, minority stories, and human rights issues.