South Korea's Lee Jae-myung takes office, vows to ‘heal wounds' with North Korea after snap election win
SEOUL, June 4 — South Korea's new President Lee Jae-myung vowed to reach out to the nuclear-armed North and 'heal wounds' as he took office Wednesday, after winning snap elections triggered by his predecessor's disastrous martial law declaration.
South Korea's new centre-left leader also warned that 'rising protectionism and supply chain restructuring' posed an existential threat to Asia's export-dependent fourth-largest economy, which has been buffeted by the global trade chaos sparked by US President Donald Trump.
Lee scored a thumping victory over conservative Kim Moon-soo, of disgraced ex-president Yoon Suk Yeol's former party, in snap elections, with his term beginning immediately after the vote tally was certified early Wednesday.
Lee secured 49.4 per cent of the vote, far ahead of the 41.2 per cent for Kim — who conceded, having been hampered by party infighting and a third-party candidate splitting the right-wing vote.
Lee spoke to South Korea's top military commander and formally assumed operational control of the country's armed forces Wednesday, urging them to maintain 'readiness' in case of Pyongyang provocations — but said in his first comments that he was ready to talk.
'We will heal the wounds of division and war and establish a future of peace and prosperity,' he said.
'No matter how costly, peace is better than war.'
He said the country would 'deter North Korean nuclear and military provocations while opening communication channels and pursuing dialogue and cooperation to build peace on the Korean Peninsula'.
Lee took office just hours before the United States was set to slap tariffs of 50 percent on South Korea's crucial steel and aluminium exports.
'The rapid changes in the global order such as rising protectionism and supply chain restructuring pose a threat to our very survival,' Lee said.
Markets reacted favourably to the election, with the benchmark KOSPI and the won rising Wednesday.
'Significant departure'
Lee's comments on North Korea are a 'significant departure' from those of his hawkish predecessor Yoon, as he did not immediately attach preconditions to dialogue with Pyongyang, said Hong Min, a senior analyst at the Korea Institute for National Unification.
It signals 'his desire to resolve disagreements through talks', Hong told AFP.
'While it remains to be seen how Pyongyang will respond, it is notable that Lee has clearly indicated a different approach to North Korea,' he added.
Lee held a modest inauguration ceremony at the National Assembly — where Yoon deployed armed troops on the night he attempted to suspend civilian rule.
Just a few hundred guests attended, in contrast to the large outdoor events held after regularly scheduled elections, which often attract tens of thousands.
He will later head to the presidential office to begin naming key cabinet members, with the focus on who is tapped to serve as presidential chief of staff, prime minister and director of the National Intelligence Service.
The day is expected to end with a flurry of congratulatory phone calls from world leaders, with Trump likely to be the first on the line.
Trump's top diplomat, Marco Rubio, was swift to offer his own congratulations and voice hope for working with Lee, who previously has sought greater distance from the United States.
Washington's alliance with Seoul was 'ironclad', the US secretary of state said in a statement, citing 'shared values and deep economic ties'.
Lee comes to power with his party already holding a parliamentary majority — secure for the next three years — meaning he is likely to be able to get his legislative agenda done. — AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
an hour ago
- Free Malaysia Today
I was silent at Sapura board meetings, Shahriman tells court
Shahriman Shamsuddin (left) is petitioning to wind-up Sapura Holdings Sdn Bhd, the parent of the Sapura group valued at RM832 million, on account of an alleged breakdown of mutual trust and confidence with elder brother Shahril. KUALA LUMPUR : Sapura Holdings Sdn Bhd director Shahriman Shamsuddin told the High Court here that he did not oppose proposals made by elder brother Shahril to the Sapura Resources Bhd (SRB) board, citing a 'conflict' on account of them being siblings. In cross-examination, lawyer S Rabindra, representing Shahril, questioned Shahriman about complaints contained in his petition to wind-up Sapura Holdings due to an alleged breakdown of mutual trust between the brothers. In the petition, Shahriman had claimed that Shahril was 'effectively cornering' SRB into accepting either a RM100 million loan offered in September 2022, which involved a rights issue, or a RM40 million bridging loan offered by the Sapura group, failing which the company stood to lose its collateralised properties. 'The petitioner (Shahriman) was not consulted on this matter at Sapura Holdings level,' the document said further. Rabindra: Your point here is that Shahril is saying to SRB: 'You have to pay back the RM40 million that was previously advanced (by the Sapura group) unless you agree to carry out a rights issue based on the September 2022 terms and conditions.' Is that a fair summary of what you're saying? Shahriman: Pay immediately or do the rights issue. Another of Shahriman's complaints was that Shahril had written on behalf of Sapura Holdings to SRB, undertaking to provide financial assistance of up to RM152 million without consulting him. He also claimed Shahril had offered to personally underwrite any rights issue by SRB that was not taken up, to a value of RM113 million. Shahriman said this would dilute his position in both SHSB and SRB and break the 'equal joint holdings spirit' laid down by their parents. Rabindra: You mentioned earlier the distinction between Shahril's personal position and that of the company. As a director of Sapura Resources, during the time when letters were being exchanged, did you ever raise the question: 'Was this a private initiative (by Shahril), or an SRB initiative?' Shahriman: I did not raise it because I would have been conflicted. I am his brother and also a shareholder of the holdings. So I had to keep quiet. Rabindra: You sat on the Sapura Resources board with your brother, correct? Shahriman: Yes. Rabindra: You've disagreed with your brother during board meetings before, haven't you? Shahriman: Sometimes, yes, about this matter, too. Rabindra: So, in your capacity as a director of Sapura Resources, you could have raised the question: 'Why are we entertaining a personal proposal by Shahril?' Shahriman: Shahril is my brother. I'm not allowed to say anything at the board (meeting). Rabindra: I put it to you that that is far from the truth. You could have spoken up, you simply chose not to. Do you agree or disagree? Shahriman, however, chose not to respond. Sapura Holdings is the parent entity of over 40 subsidiaries valued at RM832 million, including the publicly-listed SRB. Both Shahril and Shahriman hold a 48% stake each in Sapura Holdings, with the remaining 4% owned by Rameli Musa. In the petition filed last September, Shahriman claims that an irreparable breakdown of mutual trust and confidence between him and Shahril necessitated the dissolution of Sapura Holdings. However, Sapura Holdings, Shahril and Rameli, all named as respondents, oppose the petition, contending that the company was never intended to be a family business and that dissolution would be neither just nor equitable. The hearing before Justice Leong Wai Hong will continue on June 13.
Free Malaysia Today
an hour ago
- Free Malaysia Today
Pakistan appreciates Anwar's bid to intervene in India conflict, says envoy
Pakistan's high commissioner to Malaysia, Syed Ahsan Raza Shah, said the country is open to Prime Minister Anwar Ibrahim's mediation efforts. KUALA LUMPUR : Pakistan appreciates Prime Minister Anwar Ibrahim's efforts to mediate in its conflict with India, the Islamic republic's high commissioner to Malaysia, Syed Ahsan Raza Shah, said. He added that Anwar was a well-respected statesman in both countries, which made his role as a potential mediator especially significant. 'We appreciate Prime Minister Anwar Ibrahim's role as a peacemaker and promoter of peace. We believe he is a statesman of the highest order – one of the greatest of this era,' he said. 'We welcome his offer to mediate between India and Pakistan. He is highly respected in both countries and enjoys strong relationships with the leadership in both Pakistan and India,' Shah told reporters at a media briefing here today. Last week, Indian MP Sanjay Kumar Jha, who was in Malaysia as part of a parliamentary delegation, said the India-Pakistan conflict was a strictly bilateral issue which did not require foreign mediation. This was after Anwar said Malaysia was open to helping ease tensions between India and Pakistan, which escalated after a deadly attack in Pahalgam, India, that killed 26, most of them tourists. He also condemned all forms of violence and expressed support for an independent and transparent investigation to identify those responsible for the attack in Kashmir. India launched Operation Sindoor on May 7 in a military response to the April 22 Pahalgam attack. New Delhi blamed the incident on 'terrorists' backed by Pakistan, which Islamabad denied. Both sides used fighter jets, missiles, drones and artillery in four days of clashes, their worst fighting in decades, before a ceasefire was announced. Separately, Syed Ahsan urged the media to seek clarification from Malaysia's foreign ministry regarding a recent claim by Indian media that Pakistan had attempted to disrupt the visit of the Indian parliamentary delegation. 'It is unthinkable that a country or embassy would ask its host nation to prevent the delegation of another country from visiting. 'I urge you (media) and your colleagues to ask the foreign affairs ministry whether this claim is true,' he said. On June 4, Malaysiakini reported that unnamed sources, quoted by India's NDTV, had claimed that the Pakistan high commission allegedly lobbied Malaysian authorities to cancel the delegation's engagements. The report also alleged that Malaysia rebuffed Pakistan's request to cancel the delegation's visit, said to have been made in the name of 'Islamic solidarity'.
Malay Mail
an hour ago
- Malay Mail
India's central bank cuts rates more than expected to boost growth
MUMBAI, June 6 — India's central bank cut interest rates more than expected today, citing muted inflation and a need to kickstart economic growth amid concerns about the impact of US tariffs. The Reserve Bank of India (RBI) lowered the benchmark repo rate, the level at which it lends to commercial banks, by 50 basis points to 5.5 per cent. A majority of analysts had expected 25-basis-point reduction. The cut was its third in a row and comes a week after government data showed India's economy expanded at its slowest pace for four years in the fiscal year that ended in March. And while the January-March quarter showed signs of a rebound, with forecast-topping 7.4 per cent year-on-year growth, analysts said US President Donald Trump's sweeping tariffs posed risks to the outlook. Easing price concerns have also allowed the RBI to concentrate on growth, with retail inflation dropping to a near six-year-low of 3.16 per cent in April. Bank governor Sanjay Malhotra said the monetary policy committee felt it was 'imperative' to continue to stimulate 'domestic consumption and investment' through policy levers to boost 'growth momentum'. The RBI cut rates for the first time in nearly five years in February and followed up with another reduction in April. The Indian government has forecast above-average monsoon rains, which observers say should help growth, as higher agricultural output will aid the rural economy and keep vegetable prices stable. But Trump's protectionist policies could add to growth pressures. While New Delhi is not a manufacturing powerhouse, experts believe that US tariffs will hurt billions of dollars of Indian exports across different sectors including electronics, gems and jewellery and seafood. India is hammering out the first tranche of a trade deal with Washington and negotiators have made several trips over the past three months. Local media reports say that while the White House is pushing for India to drop levies on a range of products, including agricultural produce and automobiles, New Delhi is asking for greater access for labour-intensive exports such as textiles and footwear. US Commerce Secretary Howard Lutnick said this week that a trade deal between the two countries could be expected in the 'not too distant future'. — AFP
