Lee Jae-Myung Promises To Awaken South Korea's Economy

JAKARTA - South Korean President-elect Lee Jae-myung will start his term on Wednesday, pledging to lift the country from the chaos of the military emergency crisis and revive a volatile economy from slowing growth and the threat of global protectionism.

Lee's landslide victory in Tuesday's impromptu general election will usher in major changes in Asia's fourth-largest economy, after a backlash against the military administration's failed attempt to bring down Yoon Suk Yeol just three years in his troubled presidential term.

He faces what may be the toughest series of challenges for a South Korean leader in nearly three decades, from curing a country seriously injured by military emergency attempts to handling unexpected protective measures by the United States, major trading partners, and security allies.

With 100 percent of the votes calculated, Lee won 49.42 percent of the nearly 35 million votes, while rivals from conservative party Kim Moon-soo earned 41.15 percent in polls that resulted in the highest number of voters for presidential elections since 1997, according to data from the National General Elections Commission.

"The first mission is to firmly address the uprising and ensure that there will never be another military coup with weapons and swords directed at the people," Lee said in a victory speech outside parliament.

"We can overcome these temporary difficulties with the combined strength of our people, who have great abilities," he said.

The former 61-year-old human rights lawyer called Tuesday's election a "day of judgment" against Yoon's military emergency and the failure of the People's Power Party to stop the ill-fated move.

Lee was officially confirmed as president by the National General Elections Commission on Wednesday and immediately took over the power of the presidency and supreme commander.

A brief inauguration is planned in parliament at 11 am local time, a South Korean Interior Ministry official said.

Lee said he would discuss the urgent economic challenges facing the country on the first day of office focusing on the cost of living that affects middle and low-income families as well as the struggle of small business owners.

He also faces a deadline set by the White House to negotiate import duties that Washington blames for major trade imbalances between the two countries.

Regarding overseas, Lee has declared a more peaceful plan for relations with China and North Korea, particularly by emphasizing the importance of China as the main trading partner while showing a reluctance to take a firm stance on security tensions in the Taiwan Strait.

However, Lee also before having promised to continue relations with Japan and said the alliance with the United States was the backbone of South Korea's global diplomacy.