Lee Jae-myung vows to end politics of division, seek pragmatic diplomacy

Lee Jae-myung was formally sworn in as South Korea’s new president on Wednesday, pledging to unite a divided nation, revitalize the economy and pursue pragmatic diplomacy.

Lee began his five-year term without a transition period, marking a dramatic and immediate transfer of power in the wake of the snap election triggered by a presidential vacancy.

"I will start with reviving the economy and healing the people," he said in his inauguration speech at the National Assembly. "Regardless of who you supported in this election ... I will be the president of all the people."

Lee, the candidate of the liberal Democratic Party, was elected late on Tuesday with 49.42% of the vote, defeating conservative contender Kim Moon-soo of the People Power Party, who garnered 41.15%.

Lee enters office at a time when the country is grappling with deep division, triggered by his predecessor Yoon Suk Yeol's shock martial law declaration last December.

"I will work to unite the people," Lee said, adding that he would "become a president who ends the politics of division."

TOUGH ECONOMIC FRONT

Analysts said Lee now faces the formidable challenge of navigating a polarized political environment, an uneven economic recovery and increasingly complex diplomatic terrain – all while seeking to deliver on campaign promises of social equity, digital transformation and income redistribution.

On the economy, Lee pledged to adopt a "pragmatic and market-oriented" approach to revitalize growth and foster advanced technologies, such as artificial intelligence and semiconductors.

"I will make a government that supports and encourages, not one that controls and manages," he said, announcing that an emergency economic task force would be "activated immediately."

The Bank of Korea last week lowered its 2025 economic growth forecast to 0.8% from the previous 1.5%. It slashed the central bank’s policy rate a quarter-percentage-point to 2.5% to buttress the falling economy.

FOREIGN DIPLOMACY, NORTH KOREA

It's not just domestic issues Lee has to contend with.

The new president also has urgent foreign challenges, such as navigating the US-South Korea alliance under the new Trump administration, balancing its relations with China and dealing with North Korea.

Lee pledged to pursue pragmatic diplomacy centered on national interests.

While underscoring the need for strong deterrence against North Korea's threats, he left the door open to resuming a dialogue with the North.

"We will open channels of communication and pursue dialogue and cooperation with the North to build lasting peace on the Korean Peninsula," he said.

Control of the military as the nation’s commander-in-chief and the full powers of the presidency were transferred earlier on Wednesday to Lee from then-acting President Lee Ju-ho, the deputy prime minister and education minister.

In his first telephone conversation with Joint Chiefs of Staff (JCS) Chairman Adm. Kim Myung-soo, Lee called for "watertight" military readiness against North Korea.

CONGRATULATIONS FROM TOP US, JAPANESE OFFICIALS

In Washington, US Secretary of State Marco Rubio issued an official statement congratulating Lee on his election, calling the South Korea–US alliance “ironclad.”

Rubio underscored the Trump administration’s commitment to strengthening trilateral cooperation among South Korea, the US and Japan amid growing geopolitical tensions and economic uncertainties.

"We congratulate President Lee Jae-myung on his election as the Republic of Korea. The United States and the Republic of Korea share an ironclad commitment to the alliance grounded in our Mutual Defense Treaty, shared values and deep economic ties," he said.

Lee is expected to have a phone conversation with Donald Trump later in the day.

Japan’s Prime Minister Shigeru Ishiba has also extended his congratulations, calling Lee’s election “a result of South Korea’s vibrant democracy” and pledging to work closely with the new administration in Seoul.

(Adds elements of Lee’s inaugural speech throughout the story)

Write to In-Soo Nam at isnam@hankyung.com

Jennifer Nicholson-Breen edited this article.