Lee Jae-myung promises to end 'political, economic crisis' in victory speech
Democratic Party of Korea's presidential candidate Lee Jae-myung on Wednesday pledged to end the political crisis caused by former President Yoon Suk Yeol's martial law, revive the faltering economy, achieve peaceful coexistence of the two Koreas and strive for national unity as in a victory speech after Tuesday's election.
Speaking in front of about 5,000 people who gathered near the National Assembly in Yeouido, Seoul, Lee said he would restore democracy and bring an end to hatred between people and focus on addressing people's burden from the rising cost of living.
Lee also said that peace on the Korean Peninsula through dialogue, communication and coexistence will also play a crucial role in "preventing people's livelihoods from further worsening."
Lee also expressed gratitude to those who voted for him, describing himself as "a person with high chance of winning" the presidential election.
"Since the night of the Dec. 3 insurrection until now ... I tried to prove that all power exercised by the president comes from the people ... not for the personal benefit of the president," said the 60-year-old.
"Now, after six months have passed, you have finally proven with your vote that we hold the political power in this country."
This followed his visit to the Democratic Party headquarters in Yeouido, as he made the first public appearance since the vote count began, in front of his home alongside his wife Kim Hye-kyung. Lee and Kim left their home in Incheon at around 11:50 p.m. Tuesday.
"The people's great decision deserves respect," Lee said, pledging to do his utmost to meet people's expectations, minutes after broadcasters called the election for Lee.
Lee is set to assume the presidency immediately after the election authorities confirm Lee's victory. There is no transition period, since the previous president, Yoon Suk Yeol, was ousted via impeachment.
According to Yonhap News Agency, Lee was considering nominating four-term Democratic Party lawmaker Rep. Kim Min-seok as the prime minister, three-term lawmaker Rep. Kang Hoon-sik as his chief of staff, and Lee Han-joo, former head of the Institute for Democracy — a think tank of the party — as the director of national policy at the presidential office.
Lee was expected to officially announce his nominations later Wednesday, Yonhap added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
7 hours ago
- Korea Herald
Probe bills into Yoon, wife pass National Assembly
Presidential office says 'there is very little reason' to veto them The ruling Democratic Party of Korea-controlled National Assembly on Thursday passed contentious bills mandating special counsel probes into charges and scandals surrounding former President Yoon Suk Yeol and his wife, Kim Keon Hee. Three probe bills reintroduced by the Democratic Party were approved during a parliamentary plenary vote held in the afternoon. One pushes to launch a permanent special counsel to investigate 11 charges tied to Yoon's failed martial bid in December; another seeks to mainly investigate Kim's alleged inappropriate interference in the People Power Party's candidate nomination process in previous general and by-elections as well as her luxury bag scandal; the third looks into the allegations that the Yoon administration interfered in the military's investigation into a young Marine's death in 2023. All three bills were passed in a 194-3 vote with one abstention, in a package deal. The move came a day after President Lee Jae-myung, who was the Democratic Party Chair, was sworn into office. He won Tuesday's early election, securing 49.42 percent of the vote against his rival and People Power Party candidate Kim Moon-soo, who saw 41.15 percent. Lee was highly likely to approve and endorse the bills, as an official at the presidential office said, 'there is very little reason' to veto them, with all three 'receiving People's support,' in a press briefing after the plenary vote. People Power Party, which became the main opposition party on Wednesday, highlighted its party line against the passage of the bills ahead of the plenary vote. The majority of the party lawmakers boycotted all three votes. All three bills passed on Thursday had previous versions that were scrapped by former President Yoon's veto power. The bill mandating a permanent special counsel investigation against Yoon will look into 11 different charges tied to his martial law bid, including insurrection and military mutiny. The previous versions of the bill were vetoed and scrapped twice. The latest version expanded the scope of the charges from six to 11. Special counsel candidates will be nominated by the Democratic Party and the minor liberal Rebuilding Korea Party, from the parliament's side. The bill also eases regulations to access presidential archives. It lowers the threshold from the current approval needed from two-thirds of lawmakers or from a high court chief judge to three-fifths of the Assembly or permission from a district court chief judge. The bill concerning the first lady will look into her alleged role in a stock manipulation scandal as well as the inappropriate acceptance of a luxury bag from a Korean-American pastor and election-related scandals involving political broker Myung Tae-kyun. An amendment passed alongside the bills expands the scope of the number of assistant special prosecutors from four to seven and raises the cap on dispatched prosecutors from 40 to 60.
Korea Herald
10 hours ago
- Korea Herald
Unlisted sealed records of ex-President Yoon spark dispute
After President Lee Jae-myung criticized his predecessor for a lack of transition instructions for the incoming administration, it was revealed Thursday that 218,000 records from Yoon Suk Yeol's presidency have been sealed for 15 years without an inventory list. According to the Presidential Archives under the Ministry of the Interior and Safety, this accounts for 1.6 percent of the Yoon administration's state-designated records. Such protected records cannot be accessed for up to 15 years due to a potential threat to national security or economic stability. Sealing the presidential records is justified under the Act on Management of Presidential Archives, but the lack of listing has been subject to criticism. The ruling Democratic Party of Korea on Thursday accused Yoon of failing to carry out a proper transition to his successor. The sealed presidential records could be revealed under consent from two-thirds of the National Assembly, or with a warrant issued by the head of a high court. But without a list, it would be difficult to pinpoint which records should be revealed. Not having the list of sealed records could hinder the ongoing investigations and trials connected with Yoon. The former president, then-Defense Minister Kim Yong-hyun and other high-ranking military and police officials are on trial for their part in the alleged insurrection and abuse of power related to the Dec. 3 declaration of martial law, which led to Yoon's impeachment and eventual expulsion in April. Another potential issue is the probe related to the military's 2023 investigation into the death of a Marine, which Yoon has been accused of interfering with. Revealing the list of presidential state-designated records is a legally grey issue as it is not specified in the law. But Article 8 of the Official Information Disclosure Act says public institutions shall prepare and keep a list of information they possess and manage.
Korea Herald
10 hours ago
- Korea Herald
Kospi hits 10-month high on hopes for Lee's economic revival
Foreign inflows, stimulus plans drive 10-month high as new president takes office South Korea's stock market climbed to a 10-month high on optimism that newly inaugurated President Lee Jae-myung will act swiftly to revive the country's sluggish economy through aggressive stimulus and market reforms. The benchmark Kospi breached the 2,800 mark on Thursday for the first time since July 2024, extending gains from the previous session. The index jumped more than 2 percent in early trading to an intraday high of 2,831.11 before paring gains to hover near 2,800 as of 2:30 p.m. The rally followed Wednesday's nearly 3 percent surge, which pushed the index to a year-to-date high of 2,770.84. Foreign investors net bought 1 trillion won ($735.4 million) and institutions added 200 billion won, while individuals sold 1.2 trillion won to lock in profits. The buying continued Thursday, with foreigners and institutions snapping up another 670 billion won and 400 billion won, respectively, as retail investors offloaded 1 trillion won more. Markets are responding to Lee's full-throttle policy agenda centered on restoring livelihoods and reigniting growth. 'We will begin by restoring livelihoods and revitalizing the economy,' Lee said Wednesday, launching an emergency economic task force as his first executive order. Among his initial directives was finalizing a supplementary budget. Lee pledged at least 30 trillion won in fresh stimulus to be drafted, following the 13.8 trillion won package approved ahead of the election. Political and market observers expect the proposal to be submitted to parliament next month, with the funds largely targeting public support measures such as local business vouchers to revive domestic demand. Beyond the extra budget, Lee's broader economic strategy hinges on expansive fiscal spending, with 210 trillion won in government funds planned over his five-year term. His agenda includes expanded welfare, support for strategic sectors such as artificial intelligence and efforts to lift long-term growth. Lee aims to lift Korea's annual growth rate to 3 percent, up from the sub-1 percent pace forecast for this year. He also envisions transforming the country into the world's third-largest AI powerhouse and elevating it to the rank of the world's fifth-strongest nation during his presidency. Investor sentiment is also buoyed by Lee's push to strengthen capital markets. On Thursday, the ruling Democratic Party of Korea reintroduced a revised Commercial Act aimed at reinforcing minority shareholder rights — legislation previously shelved under the former administration and now central to Lee's pro-market agenda. The bill proposes sweeping governance reforms, including expanding directors' fiduciary duties to shareholders, renaming outside directors as independent directors, mandating cumulative voting, expanding separate elections for audit committee members, introducing virtual shareholder meetings, and tightening the 3 percent rule that limits major shareholders' voting rights in audit board appointments. To expedite implementation, all provisions will take immediate effect upon promulgation except for electronic voting, which will require system upgrades. The local market is moving to shed the 'Korea Discount' as the new administration accelerates policy implementation, said senior market analyst Lee Kyoung-min of Daishin Securities. 'The push for Commercial Act revisions is fueling a revaluation of underperforming stocks, while expectations for a large-scale supplementary budget are bolstering hopes for a recovery in Korea's deeply frozen economy,' he said, noting that robust foreign inflows are driving the rally. 'Stronger policy expectations are putting upward pressure on the won, creating conditions for a potential pickup in foreign capital inflows,' he added. The Korean won strengthened to an eight-month high against the greenback on Thursday, breaching the 1,350 won-per-dollar level for the first time since October 2024.
