South Korea's new president Lee Jae-myung vows end to martial law turmoil

South Korea welcomed a new liberal president on Wednesday as Lee Jae-myung took office, vowing to heal a divided nation and revive the economy. His win follows months of unrest after former President Yoon Suk Yeol’s controversial attempt to impose martial law, which led to his removal from office.

Lee won the presidency in a snap election, securing 49.42% of the nearly 35 million votes. His conservative opponent, Kim Moon-soo, received 41.15%. The Election Commission confirmed that this was the highest voter turnout for a presidential election since 1997.

Lee called it judgment day. "The first mission is to decisively overcome insurrection and to ensure there will never be another military coup with guns and swords turned against the people," he said.

He added, "We can overcome this temporary difficulty with the combined strength of our people, who have great capabilities."

Soon after the official announcement by the Election Commission, the 61-year-old former human rights lawyer assumed office as president and commander-in-chief. A brief inauguration ceremony was held at the Assembly later.

BIG CHALLENGES AHEAD FOR LEE JAE-MYUNG

Lee is takes over the office at a challenging time. The country is still shaken by political instability and economic slowdown. The failed martial law attempt by former President Yoon led to months of chaos. Three acting presidents also stepped in during the transition, which has added to the ongoing instability.

Lee has the task of restoring trust in the government and building national unity. The economic outlook is also grim. South Korea’s economy is projected to grow by just 0.8% this year -- the slowest since the COVID-19 pandemic in 2020.

Lee’s government has decided to invest in technology and innovation to revive growth. He has also pledged to increase support for middle and lower-income families who have been hit the hardest by the slowdown.

TRADE TALKS WITH THE US A TOP PRIORITY

The new South Korean administration will likely make efforts to buy time for US trade talks, as it studies the negotiations of bigger neighbours Japan and China for leverage, according to reports.

President Lee Jae-myung, who is due to take office hours after winning the June 3 snap presidential election without a usual two-month transition period, said on the eve of the elections that "the most pressing matter is trade negotiations with the United States."

The future of South Korea's export-oriented economy will hinge on what kind of deal Lee can strike, with all of his country's key sectors, from chips to autos and shipbuilding, heavily exposed to global trade.

Despite the challenges, Lee expressed confidence in his people and the nation’s potential. "This country has overcome hardship before," he said. "With unity, we can do it again."

With inputs from Reuters