SEOUL, SOUTH KOREA (CP) – South Korea’s new President Lee Jae-myung promised Wednesday to rebuild the country’s democracy and struggling economy after winning a special election caused by the previous president’s failed attempt to declare martial law.
Lee won Tuesday’s snap election with 49.4 percent of the vote after former President Yoon Suk Yeol was removed from office for trying to impose martial law six months ago. The liberal leader took his oath at the same parliament building where he once jumped over walls to avoid martial law troops and vote against Yoon’s decree. Lee said his government will be “pragmatic and pro-market” as he works to heal a country damaged by the martial law attempt.
The new president faces major challenges including fixing South Korea’s economy, which is struggling with high costs of living for families and problems for small businesses. Lee also must deal with trade tensions with the United States, South Korea’s biggest ally and trading partner. The Trump administration has put high taxes on South Korean goods and wants new trade agreements to reduce America’s trade deficit with South Korea.
Lee promised to remove unnecessary business rules to help companies grow and create jobs. He also said he wants to restart talks with North Korea while keeping South Korea’s strong military partnership with America. “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 said about dealing with North Korea.
The election had the highest voter turnout since 1997, with nearly 35 million people voting. Lee’s conservative opponent Kim Moon-soo received 41.15 percent of votes. South Korean stock markets went up more than 2 percent on Wednesday as investors became excited about Lee’s plans for business reforms and cleaner energy.
Lee named Kim Min-seok as his prime minister on Tuesday. Kim had predicted last year that former President Yoon might try to declare martial law, which turned out to be correct when Yoon made his failed attempt in 2025. The White House called South Korea’s election “free and fair” and said America remains committed to its partnership with South Korea.
The new president must quickly work on trade talks with President Trump, who has threatened more taxes on South Korean cars and steel. The previous acting president made little progress in solving these trade problems. Lee has said he wants friendlier relationships with China and North Korea, but he promised to continue South Korea’s alliance with America and good relations with Japan.