UPDATE - Lee Jae-myung sworn in as South Korea’s new president

ADDS COMMENTS FROM LEE

By Anadolu staff

Lee Jae-myung was sworn in as South Korea's new president Wednesday following his historic victory in snap elections, local media reported.

The former leader of the opposition Democratic Party took the oath of office during his inauguration ceremony at the National Assembly in Seoul, Yonhap News Agency reported, formally beginning his single five-year term after the National Election Commission confirmed his victory earlier Wednesday.

Lee was elected as the country’s 14th president in snap polls triggered by former President Yoon Suk Yeol's failed martial law bid.

He secured over 49% of the vote, while Kim Moon-soo of the outgoing ruling People Power Party received 41.15%, according to official data.

Lee received more than 17 million votes.

Speaking at the inauguration ceremony, Lee said his government will focus on the economy, peace in the region and development of the country.

"Creating new engines of growth and sharing both the opportunities and outcomes of that growth through fair development will open the door to a better world," the Korea JoongAng daily quoted him as saying.

He added that his government will now step forward to prepare to invest in the future.

Lee also vowed to respond to North Korea's nuclear and military "provocations" and said his country's defense budget is twice the size of North Korea's GDP.

He said his government will deal with potential North Korean aggressions with "a strong deterrence" based on the solid South Korea-US military alliance.

"At the same time, we will keep communication channels open with the North and build peace on the Korean Peninsula through dialogue and cooperation," he added.

He also pledged close cooperation with Japan.

*Writing by Islamuddin Sajid