Lee Jae-myung promises to end 'political, economic crisis' in victory speech

Rep. Lee Jae-myung of the Democratic Party of Korea delivers a victory speech after the presidential election near the National Assembly, early Wednesday. (Pool photo via Yonhap)

The Democratic Party of Korea's presidential candidate Lee Jae-myung on Wednesday pledged to end the political crisis caused by former President Yoon Suk Yeol's martial law, revive the faltering economy, achieve the peaceful coexistence of the two Koreas and strive for national unity in a victory speech after Tuesday's election.

Speaking in front of about 5,000 people who had gathered near the National Assembly in Yeouido, western Seoul, Lee said he would restore democracy and bring an end to hatred between people, while focusing on burdens associated with the rising cost of living.

Lee also said that peace on the Korean Peninsula through dialogue, communication and coexistence will play a crucial role in "preventing people's livelihoods from further worsening."

Lee of the major liberal party expressed gratitude to those who voted for him, describing himself as "a person with a high chance of winning" the presidential election.

Lee Jae-myung (left) and his wife Kim Hye-kyung greet supporters as broadcasters called the election for Lee, early Wednesday morning. (Pool photo via Yonhap)

"Since the night of the Dec. 3 insurrection until now ... I tried to prove that all power exercised by the president comes from the people ... not for the personal benefit of the president," said the 60-year-old.

"Now, after six months have passed, you have finally proven with your vote that we hold the political power in this country."

This followed his visit to Democratic Party headquarters in Yeouido, after he made his first public appearance since the vote count began in front of his home alongside wife Kim Hye-kyung. Lee and Kim left their home in Incheon at around 11:50 p.m. Tuesday.

"The people's great decision deserves respect," Lee said, pledging to do his utmost to meet people's expectations, minutes after broadcasters called the election for Lee.

Lee is set to assume the presidency immediately after election authorities confirm the victory. There is no transition period, since the previous president, Yoon Suk Yeol, was ousted via impeachment.

Lee Jae-myung (left) speaks alongside his wife Kim Hye-kyung in front of his residence in Incheon on Tuesday. (Yonhap)

According to Yonhap News Agency, Lee was considering nominating four-term Democratic Party lawmaker Rep. Kim Min-seok as prime minister, three-term lawmaker Rep. Kang Hoon-sik as his chief of staff and Lee Han-joo, former head of the Institute for Democracy — a party think tank — as the director of national policy at the presidential office.

Lee was expected to officially announce his nominations later Wednesday, Yonhap added.