Lee Jae-myung wins South Korea’s presidency as Kim Moon-soo concedes defeat

Liberal candidate Lee Jae-myung has secured victory in South Korea’s snap presidential election, held following the impeachment of former president Yoon Suk Yeol and a brief period of martial law.

According to The Guardian report, with 70% of the votes counted, Lee of the Democratic Party held a strong lead at 48.523%, prompting his main rival, conservative Kim Moon-soo, to concede defeat.

Speaking outside his home as results came in, Lee thanked voters for their trust, signaling a new chapter in the leadership of Asia’s fourth-largest economy.

“I will do my utmost to fulfil the great responsibility and mission entrusted to me, so as not to disappoint the expectations of our people,” The Guardian quoted Lee as saying to reporters.

He said would not forget the duty of a president to unite the people.

Meanwhile, Kim, the candidate of the People Power Party, told a news conference early Wednesday that he “humbly accepts (the) people’s choice” and congratulates his liberal rival Lee for winning the election.

Lee Jae-myung, a 61-year-old former human rights lawyer and two-time presidential candidate, won the presidency riding a surge of public outrage after Yoon Suk Yeol’s brief declaration of martial law in early December.

Although the order was quickly reversed, it triggered South Korea’s most severe political crisis in decades, unfolding amid an economic slump, widening income inequality, and uncertainty about US security commitments under President Donald Trump.

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Kim failed to gain traction with moderate voters, as his People Power Party remained divided over how to handle Yoon’s controversial legacy.

Voter turnout reached 77.8% an hour before polls closed, exceeding the turnout from the 2022 presidential election, according to South Korea’s national election commission.

Over one-third of the 44.39 million eligible voters had already cast ballots during early voting last Thursday and Friday.

The official results were expected several hours after polls closed at 8 pm local time (midday BST), potentially before midnight.

With inputs from agencies.