In his inaugural address on Wednesday, South Korea’s newly elected president, Lee Jae-myung, pledged to “heal the wounds” and open channels of communication with nuclear-armed North Korea, emphasizing the need for engagement despite ongoing tensions. Lee, a center-left politician, described protectionism as an “existential threat” to Asia’s fourth-largest economy, highlighting that the country faces significant economic and security challenges including strained relations with the North and global trade disruptions.

The 60-year-old former laborer secured a landslide victory in Tuesday’s snap presidential election, held in the wake of a six-month political crisis triggered by former president Yoon Suk-yeol’s attempt to impose martial law. According to final results released by the election commission, Lee received 49.42% of the vote, significantly ahead of conservative rival Kim Moon-soo, who garnered 41.2% and quickly conceded defeat.

Lee began his first day in office and as commander-in-chief with a phone briefing from the military leadership, formally assuming the reins of power.