New President Vows to Heal Country, Revive Economy

South Korea's new liberal president, Mr Lee Jae-myung, pledged on June 4 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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SEOUL -

Mr Lee's decisive victory in the June 3 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.

Mr Lee 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 US, a major trading partner and 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 a perimeter wall to enter the Chamber and avoid troops barricading it, to vote down the martial law decree.

Mr Lee 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 US and bringing balance to diplomacy.