After a resounding victory over his opponent of the People's Power Party (PPP) - Mr. Kim Moon-soo in the election on June 3, new President of South Korea Lee Jae-myung was sworn in on June 4.
In his inauguration speech, President Lee Jae-myung pledged to remove legal barriers to promote innovation and growth, reopen dialogue with North Korea while maintaining a strong military alliance with the US, while pursuing a balanced foreign policy.
Winning without fighting is better than winning a war, and peace without force is the best security, President Lee Jae-myung said on the turbulent relationship with North Korea.
Not stopping there, the new South Korean President affirmed that he will start to solve economic difficulties on the first day of his term, focusing on living expenses that are weighing on middle-class and low-income families, as well as the difficulties of traders.
Immediately after the National Election Commission confirmed his victory, Lee Jae-myung officially took over the power and position of Commander-in-Chief of the armed forces, starting with a report on the defense situation from the Army Chief of Staff.
According to official data, Lee Jae-myung won 49.42% of nearly 35 million votes, surpassing conservative opponent Kim Moon-soo (41.15%), with the highest turnout since 1997.
Lee Jae-myung's overwhelming victory in the presidential election on June 3 also marked a major turning point in Asia's fourth largest economy, after former President Yoon Suk Yeol was ousted for declaring martial law.
Korean stocks rebounded strongly on the morning of June 4, with the KOSPI jumping more than 2%, to their highest level in the past 10 months.
The financial group leads the increase thanks to expectations of market reform under new President Lee Jae-myung. Renewable energy stocks have also increased, in line with his commitment to a greener energy transition.
