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GMA Network
10-06-2025
- Politics
- GMA Network
Marcos eyes strategic partnership with South Korea after election of new president
President Ferdinand ''Bongbong'' Marcos Jr. is eyeing strengthening strategic partnership with South Korea following the election of its new leader. In a brief social media post, Marcos congratulated South Korea's new liberal president, Lee Jae-myung. ''On behalf of the Filipino people, I congratulate Lee Jae-Myung on his election as President of the Republic of Korea, ''Marcos said. ''The Philippines values its deep and enduring ties with the ROK and I look forward to working with him to further strengthen the Strategic Partnership between our two countries, '' he added. Lee had won 49.42% of the nearly 35 million votes cast while conservative rival Kim Moon-soo had taken 41.15% in the polls that brought the highest turnout for a presidential election since 1997, according to National Election Commission data. Lee vowed to raise the country from the turmoil of a martial law crisis and revive an economy reeling from slowing growth and the threat of global protectionism. —VAL, GMA Integrated News
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Business Standard
04-06-2025
- Business
- Business Standard
Stabbing survivor Lee Jae-myung on path to become South Korea's president
Lee Jae-myung, the tenacious left-leaning maverick who became South Korea's new president on Wednesday, has spent a lifetime picking himself off the canvas to fight again. Lying on a hospital bed in intensive care after an assailant stabbed him in the jugular in early 2024, Lee was battling for his life. For many politicians that might have been the right time to throw in the towel on a career of public service, but these are the moments of adversity that fire Lee up. Much like Donald Trump, who also suffered an assassination attempt in 2024, Lee finds political capital and motivation in the setbacks and opposition he faces as he refuses thoughts of giving up. 'Since my life was saved by our people, I will dedicate the rest of it solely to serving them,' Lee said as he left hospital after eight days of hospitalisation following the attack in the port city of Busan. 'If we can restore politics based on respect and coexistence, I'll have no regrets even it that takes up the rest of my life.' Lee's populist delivery has sometimes drawn parallels with the US president, but the South Korean's policies have in the past hewed much closer to the progressive values of Bernie Sanders. But with momentum favouring him in the chaos that followed former President Yoon Suk Yeol's botched attempt to impose martial law six months ago, Lee has inched ever closer to the political center. The shift underscores his determination to finally get across the finish line and become the nation's leader, following his razor-thin loss to the conservative Yoon three years ago. Lee has shown he has the perseverance and commitment to try to unite the nation, restore growth to the sputtering economy and cut deals with Trump on US trade and troops. Still, his polarizing personality may be the one hurdle he can't overcome. 'He has proved to be a political survivor, after legal scandals, questionable opposition tactics, and even threats to his life,' said Leif-Eric Easley, professor of international studies at Ewha Womans University in Seoul. 'Yet his victory is not thanks to any particular policy proposals, but rather a result of Yoon's spectacular collapse.' Lee won 49.4 per cent of the vote while the People Power Party's candidate Kim Moon-soo secured 41.2 per cent, according to the final count released by the National Election Commission, a narrower margin than indicated by an earlier exit poll. Lee was sworn in as South Korea's 21st president on Wednesday. The formation of a new government and declining policy uncertainties are positive for Korean dollar credits and the South Korean won, says Zerlina Zeng, head of Asia strategy & East Asia corporates at CreditSights. In his latest run for the leadership job Lee positioned himself as a more flexible and mature leader capable of taking on the challenges of leading Asia's fourth-largest economy in an increasingly tense security environment. He has moved away from past demands for universal income and free universal healthcare, and from bristling comments about the US and Japan. His government will still likely mean more public spending, stronger labor protections, and attempts to curb the power of South Korea's family-run conglomerates, but without pushing the needle as far as he might have aspired to do in the past. He also favors constitutional reform to enable two-term presidencies and the shutting down of the nation's coal-fired power stations. On foreign policy, too, he has dialed back his rhetoric to indicate he will largely continue to build on trilateral relations with the US and Japan. But Lee still favors a more balanced approach to dealing with Washington and Beijing, and the possibility of opening a dialogue with Pyongyang. 'It's positive that Lee Jae-myung and his team are saying the trilateral is important,' said Yasuyo Sakata, a professor of international relations at Kanda University of International Studies in Japan. 'But the real test will be after he comes into power.' At home, Lee will enjoy an easier time in the National Assembly than Yoon did, as the opposition Democratic Party he represents expanded its majority in parliamentary elections last year. That means he will have more scope to push forward with policy. Legislative gridlock caused by the standoff between opposition forces in parliament and presidential vetoes was one of the motivations Yoon cited to justify his shock move to install martial law in December. But Lee also faces potential legal jeopardy. Lee has been vexed by scandals in his personal life and multiple legal troubles surrounding accusations over aiding private land developers, misusing public funds and infringing election law in the past. He has denied any wrongdoing and called the legal proceedings against him politically motivated. While the cases may be put in limbo while he is in office, that point remains in doubt, with analysts speaking of a gray area. The ongoing tensions are a common theme in a life that has been anything but straightforward. Raised in poverty in a blue-collar family in Seongnam, about 20 kilometers southeast of Seoul, Lee started working at a necklace factory at around 12 years of age after graduating from elementary school. While he was working to help support his family he suffered an accident with the machinery that crushed his elbow, leaving his left arm twisted to this day. That first key setback and the lack of a secondary education didn't deter him. Through self-study he managed to pass the bar exam and become a lawyer in his early 20s. After years as a labor activist he entered politics, beginning with rank-and-file roles within liberal parties. Lee made his name as the mayor of Seongnam, a job he held from 2010 to 2018. During that time he increased funding for some public medical services, closed down a dog-slaughtering facility and piloted an early form of universal income for young people. Before long he was thinking beyond the confines of Seongnam, as he stood unsuccessfully in the Democratic Party primaries for the presidential election in 2017. He then became governor of the Gyeonggi province surrounding Seoul, home to a population of 13.7 million and the location of major semiconductor plants for Samsung Electronics Co. and SK Hynix Inc. His stewardship of the province during the onslaught of Covid-19 was viewed favorably and helped pave the way for another run at the presidency. This time he won the candidacy of the Democratic Party, despite a platform that looked more radical than the policies of outgoing leader and rival Moon Jae-in. Lee wound up losing by less than 1 percent to Yoon in the 2022 election. 'It's still a mystery to me how Lee, who was mayor of a small city without experience of holding a parliamentary seat, managed to take control of the party so quickly,' said Park Sung-min, head of Seoul-based political advisory firm, Min Consulting. People who have worked with Lee often describe him as a person with many flaws and weaknesses but also a smart person who makes practical decisions, according to a South Korean government official who declined to be named. His straight-talking on social media and abrasive tactics have gained him enemies along the way, while levels of distrust have grown as court cases against him pile up. Lee's populist tendencies mean he might surprise even his own party once in power, Kanda University's Sakata said, comparing him with Trump. 'No matter what the strategic planners think, it's up to the leader. So there's always a Trump-like risk.' As opposition leader, Lee repeatedly tried to use his party's majority in parliament to ram through legislation opposed by Yoon, a tactic that made the president appear less and less in control of the country. When he thought Yoon failed to protest sufficiently over Japan's release of wastewater from the destroyed Fukushima nuclear plant in 2023, Lee embarked on a hunger strike that would last more than three weeks. His opponents contend it was likely a way to distract attention from the legal cases against him and attempts to arrest him. Those accusations appeared to catch up with him in November last year when a South Korean court convicted him of making false claims in 2021 while campaigning for the presidency. The ruling, if confirmed, would have stripped Lee of his parliamentary seat and barred him from running for public office for five years. By appealing that and subsequent rulings, Lee managed to kick the can far enough down the road to stay in the game for now. Lee's case has since been postponed to sometime after the election. Lee's key lifeline to power came rather unexpectedly when his arch rival Yoon declared martial law on Dec. 3, the first such decree in South Korea in about four decades. The sledgehammer move by Yoon backfired spectacularly by spooking markets and ushering in a long period of political instability that helped trigger a contraction in the economy. Within hours of the declaration, Lee helped rally lawmakers to defy a security cordon around the National Assembly to vote down the decree. Ever the opportunist, Lee livestreamed himself scrambling over the barriers. Every time Lee's political journey looks doomed to end, he survives and we've seen this time and again, said Min Consulting's Park. 'In those moments, it almost feels like he's getting divine intervention,' Park said.
Dubai Eye
04-06-2025
- Business
- Dubai Eye
South Korea's new President Lee vows to revive democracy from 'near demise'
South Korea's new liberal President Lee Jae-myung pledged on Wednesday to raise the country from what he described as the near destruction caused by a martial law attempt and revive a struggling economy facing global protectionism. 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. "It is better to win without fighting than to win in a fight, and peace with no need to fight is the best security," he said, referring to his country's often violent ties with rival North Korea. Lee was officially confirmed earlier as president by the National Election Commission and immediately assumed the powers of the presidency and commander in chief, speaking with the top military leader to receive a report on defence posture. With all the ballots counted, Lee won 49.42 per cent of the nearly 35 million votes cast while conservative rival Kim Moon-soo took 41.15 per cent in the polls, the highest turnout for a presidential election since 1997, official data showed. Lee has said he would address urgent economic challenges facing the country on the first day in office with a focus on the cost-of-living concerns affecting middle and low-income families and the struggles of small business owners. "With democracy alive, I hope the president will revive the economy, and have consideration for underprivileged citizens and small business owners," said Kim Eun-kyung, 58, a Seoul resident. The new president also faces a deadline set by the White House on negotiating import duties that Washington has blamed for a large trade imbalance between the countries. South Korean stocks rallied on Wednesday, with the benchmark KOSPI rising more than 2 per cent to a 10-month high, with the financial sector leading the gain on expectations of market reform by Lee. Renewable energy stocks also rose. Lee has pledged a shift to a greener energy mix. 'DEAL WITH TRUMP' In a bid to fill a long-running power vacuum, Lee nominated Kim Min-seok, a four-time lawmaker, as his prime minister on Tuesday. Kim made waves when he predicted in August last year that Yoon may declare martial law, roughly three months before Yoon's short-lived decree to impose martial law. The government under a caretaker acting president had made little progress in trying to assuage crushing tariffs announced by U.S. President Donald Trump that would hit some of the country's major industries, including autos and steel. "President Lee will find himself with little to no time to spare before tackling the most important task of his early presidency: reaching a deal with Trump," the Washington-based Center for Strategic and International Studies said. US Secretary of State Marco Rubio congratulated Lee on his election win and said the countries "share an ironclad commitment" to their alliance grounded on shared values, and deep economic ties. The White House said the election of Lee was "free and fair" but the United States remained concerned and opposed to Chinese interference and influence in democracies around the world, according to a White House official. Lee has expressed more conciliatory plans for ties with China and North Korea, in particular singling out the importance of China as a major trading partner while indicating reluctance to take a firm stance on security tensions in the Taiwan Strait. Still, Lee has pledged to continue Yoon's engagement with Japan and said the alliance with the United States is the backbone of South Korea's global diplomacy.
Miami Herald
04-06-2025
- Business
- Miami Herald
Lee Jae-myung takes office as South Korean president, pledges to unify country
SEOUL, June 4 (UPI) -- Lee Jae-myung was sworn in as South Korea's president on Wednesday, just hours after his victory was certified in a snap election that brought an end to months of political turmoil in the country. Lee's term officially began at 6:21 a.m. when the National Election Commission certified his victory over challenger Kim Moon-soo of the conservative People Power Party. The new president received 49.42% of the vote, while Kim garnered 41.15%, the NEC confirmed. Minor conservative Reform Party candidate Lee Jun-seok finished with 8.34%. In a speech during a scaled-down ceremony at the National Assembly, Lee pledged to unify a country that saw its political divisions grow deeper in the aftermath of former President Yoon Suk Yeol's botched martial law attempt in December. 'Regardless of who you supported in this presidential election, I will become a president of all who embraces and serves all the people,' Lee said. During his campaign, Lee framed the election as an existential choice for the future of South Korean democracy, and he echoed that theme in his remarks. 'I will become a president who ends the politics of division,' he said. 'I will overcome the crisis by using national unity as my driving force. I will restore what was lost and destroyed by the insurrection.' South Korea 'has become a clear example for people around the world who are looking for a new way forward for democracy in crisis,' he added. Lee inherits a raft of challenges as president, with economic concerns at the top of the list. South Korea saw its economy shrink in the first quarter of the year, and the export-driven country is facing tariff negotiations with U.S. President Donald Trump, who doubled tariffs on steel and aluminum to 50% on Wednesday. In his remarks, Lee said the election was a 'turning point of great change' and vowed to stimulate economic growth. 'It is time to revive the people's livelihoods that have been driven to the brink, restore growth and create a tomorrow where everyone is happy,' he said. Lee, who rose to fame as a progressive firebrand during his tenure as mayor of Seongam and then governor of Gyeonggi Province, recast himself as a centrist during the campaign. On Wednesday, Lee said his administration 'will be a pragmatic market-oriented government.' He reiterated campaign pledges to invest heavily in science and technology, with a heavy focus on developing one of the world's top artificial intelligence industries. Lee also vowed to take a pragmatic approach toward healing the country's deep political divides. 'Let's send old ideologies to the museum of history,' he said. 'From now on, there will be no problems for progressives. From now on, there will be no problems for conservatives. There will only be problems of the people and of the Republic of Korea.' The 60-year-old briefly touched on pressing geopolitical concerns during his remarks, including an increasingly dangerous nuclear-armed North Korea. Lee said he would continue to strengthen cooperation with the United States and Japan -- a trilateral alliance that Yoon championed -- but said Seoul would 'approach relations with neighboring countries from the perspective of national interests and practicality.' While Yoon and the PPP's Kim took a hardline approach toward Pyongyang, Lee pledged during his campaign to reopen communications with Seoul's recalcitrant neighbor. 'We will prepare for North Korea's nuclear weapons and military provocations, while opening channels of communication with North Korea and establishing peace on the Korean Peninsula through dialogue and cooperation,' Lee said. U.S. Secretary of State Marco Rubio congratulated Lee on his election victory Wednesday and affirmed the strong ties between the allies. 'The United States and the Republic of Korea share an ironclad commitment to the alliance grounded in our Mutual Defense Treaty, shared values and deep economic ties,' Rubio said in a statement. 'We will also continue to deepen U.S.-Japan-ROK trilateral cooperation to bolster regional security, enhance economic resilience and defend our shared democratic principles,' he said. Lee began assembling his cabinet on Wednesday, nominating one of his top campaign aides, Democratic Party Rep. Kim Min-seok, as his candidate for prime minister. He also tapped former Unification Minister Lee Jong-seok to head the National Intelligence Service, the nation's top spy agency. Both nominees must undergo confirmation hearings. Lee's chief of staff will be Democratic Party Rep. Kang Hoon-sik. Copyright 2025 UPI News Corporation. All Rights Reserved.
Asahi Shimbun
04-06-2025
- Business
- Asahi Shimbun
South Korea's President Lee Jae-myung says he'll bolster U.S.-Japan ties and pursue talks with North
South Korea's newly-elected President Lee Jae-myung takes his oath during his inauguration ceremony at the National Assembly in Seoul on June 4. (Pool Photo via AP) SEOUL--South Korea's new President Lee Jae-myung said Wednesday he'll pursue dialogue with North Korea while bolstering a trilateral partnership with the U.S. and Japan. He said in his inaugural address a day after his election that his government will deal with potential North Korean aggressions with 'a strong deterrence' based on the solid South Korea-U.S. military alliance. But he would also leave the door open for dialogue with North Korea and establish peace on the Korean Peninsula. He said he'll pursue pragmatic diplomacy and boost a trilateral Seoul-Washington-Tokyo cooperation based on the South Korea-U.S. alliance. Lee, who rose from childhood poverty to become South Korea's leading liberal politician vowing to fight inequality and corruption, won a snap election Tuesday that was triggered by the removal of former President Yoon Suk Yeol over his ill-fated imposition of martial law late last year. Lee's term began immediately without the usual two-month transition period after the National Election Commission formally confirmed his victory Wednesday morning. In a telephone call with Joint Chiefs of Staff Kim Myung-soo, Lee asked the military to closely monitor North Korean moves and maintain a solid readiness based on the combined South Korea-U.S. military alliance, according to local TV footage. Lee later visited the national cemetery in Seoul to pay respects to late Korean leaders, patriots and war dead who are buried there.
