President Lee Jae-Myung has vowed to address the economy and bolster ties with North Korea following his swearing-in. South Korea’s new President Lee Jae-myung has vowed to “heal wounds” following months of political and economic strife throughout the country and to resume dialogue with North Korea in his maiden speech after being sworn in after a landslide victory at the ballot.
Lee, a member of the liberal Democratic Party of Korea, is replacing the dismissed President Yoon Suk-yeol, who caused a national emergency last year when he temporarily installed martial law under the pretext of antistate forces and North Korean infiltration. Following the oath of office at parliament on Wednesday, Lee promised to assist South Korea in turning around after months of wavering and political demonstrations.
The United States has also targeted South Korea, its leading economic and security partner, where trade protectionism is escalating under President Donald Trump. A Lee Jae-Myung government will be a pragmatic pro-market government,” Lee declared in a speech.
Lee vowed to make progress in South Korea’s ties with Pyongyang, seeking to “deter North Korean nuclear and military provocations while opening communication channels and pursuing dialogue and cooperation to build peace on the Korean Peninsula” We will heal the wounds of division and war and build a future of peace and prosperity,” he said.
“No matter how expensive, peace is preferable to war,” he added. Lee also cautioned that “growing protectionism and supply chain rebalancing” was a threat to South Korea’s export-led economy, and indicated that he would tackle the cost-of-living issues burdening middle- and low-income households.
South Korea’s interim government, which took office after Yoon’s ousting, also did not manage to secure a trade agreement with the Trump administration to reduce planned tariffs on South Korean imports.
