The candidate from the opposition, Yoon Suk-yeol, became the elected president of South Korea (South Korea) after winning the vote in the presidential election which was held on Wednesday (9/3) local time. He will replace Moon Jae-in, whose term expires in May.
Ruling party candidate Lee Jae-Myung conceded defeat and congratulated Yoon in a statement read out at party headquarters.
“I did my best but failed to live up to your expectations,” he said. “All responsibility lies with me. I congratulate the candidate Yoon Suk-yeol,” Lee was quoted as saying by Yonhap, Thursday (10/3).
Yoon of the People’s Power Party emerged from his home in southern Seoul and thanked his supporters before heading to party headquarters.
With 98 percent of the votes counted, Yoon from the conservative party bagged 48.59 percent of the vote. Meanwhile, Lee of the liberal Democratic Party has 47.79 percent.
Yoon is known as an anti-corruption figure who had served as attorney general in President Moon Jae-in’s government.
In his campaign, the graduate of Seoul National University had criticized several of Moon’s failures. He highlighted the government’s inability to prevent an increase in Covid-19 cases of more than 250,000, as well as property prices that continue to increase.
His popularity rose in 2016 when he became a chief investigator of corruption and misappropriation of office by former President Park Geun-Hye.
As reported by Reuters, Yoon made several promises in his campaign. In the economic field, Yoon plans to support job creation from the private sector rather than the government. He also said he would reduce corporate bureaucracy and deregulate the virtual asset industry.
In addition, Yoon promised to build at least 2.5 million houses in the next five years. As many as 500 thousand houses will be built in the South Korean capital, Seoul.
Furthermore, in the military field, Yoon will continue to strengthen relations with the United States. He also argues that a preventive strike is the only way to counter the hypersonic missiles North Korea is preparing for war.