South Korea has elected its new liberal president, Lee Jae-myung, who pledged on Wednesday to save the country from what he described as the recent destruction caused by martial law attempts. He also promised to revive the struggling economy, which is facing challenges due to global protectionism.

Lee’s massive victory in Tuesday’s snap election is expected to bring sweeping changes to Asia’s fourth-largest economy. This comes after the decline of Yoon Suk-yeol, whose troubled presidency ended just three years in, following a failed attempt at military rule. The new president faces some of the most daunting challenges South Korea has seen in nearly three decades—from healing a nation deeply scarred by the martial law crisis to confronting unpredictable protectionist moves by the United States, one of South Korea’s key trading partners and security allies.

Lee’s Statement

“A Lee Jae-myung government will be a pragmatic, pro-market government,” said the new president after taking the oath of office in Parliament. “It is better to win without fighting than to win in a fight, and peace with no need to fight is the best form of security,” Lee added, referring to his country’s tense relationship with neighboring North Korea.

The National Election Commission has already confirmed him as the official president, and he immediately assumed the powers of the presidency and the role of commander-in-chief.