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South Korea’s new president: Implications for bilateral and regional cooperation
As the dust settles from the election, international partners, especially in the Indo-Pacific, are watching closely, with particular attention from Indonesia.
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South Korea's President Lee Jae-myung (second right) makes an arm heart gesture to people outside the National Assembly as he and his wife Kim Hye-kyung (right) leave following the inauguration ceremony in Seoul on June 4. (AFP/Pool/Lee Jin-man)
O
n Tuesday, the Republic of Korea held a historic presidential election, following the impeachment of President Yoon Suk Yeol in late 2024. This marked only the second time in South Korea’s democratic history that an election has followed an impeachment, underscoring the strength of its institutional framework.
Despite recent political turbulence, the election proceeded peacefully and with an unprecedented voter turnout of 79.4 percent, the highest in nearly three decades. This reinforces South Korea’s reputation as a mature democracy with resilient institutions and engaged citizens.
Now officially inaugurated, President Lee Jae-myung assumes office at a moment of both domestic fragility and global uncertainty. His victory marks a shift toward progressive economic and social policies, signaling a broader recalibration in South Korean politics after a turbulent period marked by impeachment, economic slowdown and deepening polarization.
As the dust settles from the election, international partners, especially in the Indo-Pacific, are watching closely, with particular attention from Indonesia.
Indonesia and South Korea, which celebrated the 50th anniversary of diplomatic relations in 2023, have enjoyed growing economic ties within the framework of a Special Strategic Partnership.
In 2023 alone, South Korea invested US$1.9 billion in Indonesia, supporting more than 5,200 projects. These span flagship sectors such as electric vehicle battery manufacturing (Hyundai, EcoPro), glass production (KCC Glass), steel partnerships (POSCO) and the broader green economy.
This momentum continued in April when a high-level Korean business delegation comprising 19 major companies met with President Prabowo Subianto in Jakarta. They reaffirmed investments totaling $15.4 billion, with an additional $1.7 billion in pipeline commitments. Key stakeholders have expressed confidence in the Indonesian market and strong interest in expanding cooperation.
