Korea’s president vows to revive democracy from ‘near demise’

South Korea's new liberal President Lee Jae-myung pledged on Wednesday to raise the country from the near destruction caused by a martial law attempt and revive an economy besieged by global protectionism that is threatening its very existence.

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Mr. Lee’s decisive victory in Tuesday’s snap election stands to usher in a sea change in Asia’s fourth-largest economy, after backlash against a botched attempt at military rule brought down Yoon Suk Yeol just three years into his troubled presidency.

He faces what could be the most daunting set of challenges for a South Korean leader in nearly three decades, ranging from healing a country deeply scarred by the martial law attempt to tackling unpredictable protectionist moves by the United States, a major trading partner and a security ally.

"A Lee Jae-myung government will be a pragmatic pro-market government," he said after taking the oath of office at parliament, a location where six months ago he jumped over the perimeter wall to enter the chamber and avoid martial law troops barricading it to vote down the decree.

He promised deregulation to spur innovation and growth in business and pledged to reopen dialogue with North Korea while maintaining a strong security alliance with the United States and bringing balance to diplomacy.