South Korea’s conservative candidate Kim Moon Soo has conceded defeat in the country’s early presidential election, paving the way for liberal rival Lee Jae-myung to take office immediately.Speaking at a news conference early Wednesday, Kim, the People Power Party candidate, acknowledged the outcome, saying, “I humbly accept (the) people’s choice” and congratulated Lee on his victory. Lee’s win follows months of political chaos after former conservative president Yoon Suk Yeol was ousted in April for his short-lived martial law declaration. The scandal deeply damaged the conservative bloc and contributed to public anger. Pre-election surveys and early exit polls showed Lee leading comfortably, with exit polls estimating he would win 51.7 percent of the vote to Kim’s 39.3 percent.Nearly 80 per cent of South Korea’s 44.4 million eligible voters participated, one of the highest turnouts in recent history. Supporters of Lee, gathered outside the National Assembly in Seoul and his residence in Incheon, celebrated the result by chanting his name and waving national flags.Who is Lee Jae-myung?Lee is a former governor and mayor, and is known for his rags-to-riches journey and his critical stance against conservative politics. He promised to build a stronger, more equitable South Korea and pursue pragmatic diplomacy, maintaining ties with the United States and Japan while seeking cautious engagement with North Korea.While some critics accuse Lee of populism and unpredictability, he has vowed to avoid rushed diplomatic moves and instead stabilise the economy amid growing pressure from US President Donald Trump’s tariff hikes. US will soon raise tariffs on South Korean steel and aluminium to 50 per cent, posing challenges for the incoming president.Lee has also pledged to investigate those involved in Yoon’s martial law decision, a move his opponents fear could fuel political revenge. The new president will be sworn in immediately for a single five-year term, without the usual transition period.
