South Korea’s newly elected President, Lee Jae-myung, was sworn into office on Wednesday, pledging to rebuild the country after what he called a near-collapse caused by a failed attempt at military rule and to address growing economic challenges amid rising global protectionism.

Lee’s decisive victory in Tuesday’s snap election marks a dramatic political shift in Asia’s fourth-largest economy. His ascent to power comes just three years into the controversial presidency of Yoon Suk Yeol, who was ousted following public outrage over a martial law attempt that plunged the nation into political turmoil.

Speaking after taking the oath of office at the National Assembly—a building he once dramatically scaled to bypass martial law barricades—President Lee pledged a pragmatic, pro-market approach to governance. “A Lee Jae-myung government will be a pragmatic pro-market government,” he declared, promising sweeping deregulation to foster innovation, empower small businesses, and relieve cost-of-living pressures on working families.

Lee also emphasized the importance of diplomacy and peace, particularly regarding North Korea. “It is better to win without fighting than to win in a fight,” he said. “Peace with no need to fight is the best security,” he added, signaling his intent to reopen dialogue with Pyongyang while maintaining strong security ties with the United States.

Following confirmation from the National Election Commission, Lee assumed full presidential powers and immediately engaged with the military leadership to receive a defense readiness briefing, asserting his role as commander-in-chief.

Official results showed Lee securing 49.42% of the nearly 35 million votes cast, defeating conservative rival Kim Moon-soo, who garnered 41.15%. The election witnessed the highest voter turnout since 1997, underscoring the public’s high engagement during a period of national crisis.

On his first day in office, Lee pledged to tackle economic instability head-on, focusing on inflation, support for small businesses, and reversing the damage done by global protectionist trends—especially those affecting trade with the United States, a key economic and security ally.

Lee’s inauguration marks a watershed moment in South Korean politics, with the new president now tasked with restoring national unity, stabilizing a fragile economy, and restoring trust in democratic institutions after months of unrest.