Centre-left opposition candidate Lee Jae-myung has been elected South Korea’s next president in the snap election called after its December martial law crisis.
Lee, a former Democratic Party leader and a leading voice against impeached president Yoon Suk Yeol, won 49.42% of yesterday’s vote, while conservative rival and Yoon ally Kim Moon-soo won 41.15%. Lee was sworn in as president at 6:21 am local time (7:21 am AEST) today, as snap elections do not offer candidates a transition period.
“Let us build a true democratic republic where all the power of the state is devoted entirely to the people. Let us move beyond small differences, recognise and respect one another, and together move toward a Korea where the people are the owners, where the people are happy — a true Republic of Korea,” Lee said in his inauguration speech.
In his victory speech yesterday, Lee said he would prioritise “recovering democracy”, boosting the economy, public safety, and peaceful dialogue with North Korea.
Lee is set to begin announcing cabinet appointments in the coming hours, after a brief inauguration ceremony was held at 11 am local time (12 pm AEST). He has reportedly chosen Kim Min-seok, a top campaign advisor and National Assembly member from southwest Seoul, as prime minister.
He will also visit Seoul National Cemetery on his first day in office, a tradition upheld by his five immediate predecessors, and hold calls with foreign leaders.
Lee led the Democratic Party from 2022 to 2025, and was its presidential nominee in 2022. He has also served as a National Assembly member, the governor of Gyeonggi, and the mayor of Seongnam.
Lee could face major legal challenges while in office, as South Korea’s Supreme Court last month overturned a ruling that had cleared Lee of violating electoral laws in 2022. The case has been sent back to a lower court, with no deadline for a final decision.
Yoon was impeached after imposing martial law on 3 December, spurred by an investigation into his wife Kim Keon-hee and four allied officials. The country’s National Assembly voted to overturn the declaration hours later.
The country’s Constitutional Court unanimously upheld Yoon’s impeachment in April, removing him from office and triggering a snap election. Turnout was 77.8% of eligible South Korean voters one hour before polls closed, the highest for a presidential election since 1997.
South Korea's KOSPI had risen by 2.48% to reach 2,765.81 as of 2 pm AEST, the index's highest level since August. Lee's plans to legally require board members to protect the interests of minority shareholders will likely push boards towards value-accretive decisions, according to J.P. Morgan Asset Management.
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