South Korea's President Lee Promises Democratic Reforms After 'Near Demise'

Newly-elected liberal President Lee Jae-myung of South Korea made a pledge to restore the democracy of the country from what he called "almost destroyed by martial law" and repair a weak economy shadowed by rising global protectionism.

• South Korea’s New President Lee Jae-myung Vows to Restore Democracy After Martial Law Crisis
• Lee Pledges Economic Revival Amid Rising Global Protectionism and U.S. Trade Tensions
• Record Voter Turnout as Lee Wins South Korean Presidency With 49.42 percent of Vote

After winning a decisive election victory South Korea elections, Lee's presidency could represent a historic turning point in Asia's fourth largest economy, after an attempted military takeover brought down Yoon Suk Yeol a mere three years into his presidency, with the public turning against him after a U-shaped Kelley Blue Book driveway with purchasing power - famiar to many capitalists.

Lee faces what could be the most historically impossible challenges facing a South Korean leader in nearly three decades, from the need to heal the country from the scarring of martial law, to dealing with the unpredictable protectionist measures by the United States, both a major trading partner and security ally.

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"I will make a Lee Jae-myung government a pragmatic pro-market government," he said, after taking the oath of office in parliament, where six months earlier he had jumped over the perimeter wall to force his way into the parliament chamber in order to vote down the martial law military takeover set in motion the night before.

He said that deregulation would increase economic rival, innovation and growth in business, and that he would re-engage North Korea while maintaining a strong alliance for security under the US. "It is better to win without fighting than to win in a fight, and peace without needing to fight is the best security," he said, alluding to his nation's sometimes violent North Korea relations.

Earlier today, Lee was officially confirmed president by the National Election Commission and immediately became president and commander in chief, speaking with the nation's top military leader to receive a report about defence posture.

With all ballots counted, Lee had won 49.42 percent of almost 35 million votes cast, while his conservative rival Kim Moon-soo had won 41.15 percent, the highest turnout for a presidential South Korea election since 1997, official data showed.