South Koreans got Yoon Suk Yeol as their new President

Yoon Suk Yeol has been elected South Korea’s new president defeating his chief liberal rival Lee Jae-myung in one of the country’s most closely fought presidential elections.

Yoon is to take office in May and serve a single five-year term as leader of the world’s 10th-largest economy.

With more than 98 percent of the ballots counted, Yoon, a  conservative former top prosecutor got 48.6 percent of the votes against his rival Lee Jae-myung who bagged  47.8 percent votes.

After winning the presidential elections, Yoon said on Thursday that he would honour the constitution and the parliament and work with opposition parties when he would take office. He stated his victory as “victory of the great people”.

Yoon Suk Yeol, South Korea's newly-elected president, celebrates after the election in Seoul on March 10.Picture collected

In an acceptance speech, the new leader of South Korea thanked Lee and other rivals saying “Our competition is over for now.We have to join hands and unite into one for the people and the country.”

At a separate ceremony with supporters, Yoon said he would put top priority on “national unity,” adding all people should be treated equally regardless of their regional, political and socioeconomic differences.

“I would pay attention to people’s livelihoods, provide warm welfare services to the needy, and make utmost efforts so that our country serves as a proud, responsible member of the international community and the free world,” he said.

Earlier, Lee, a former governor of Gyeonggi province, conceded his defeat at his party headquarters.

“I did my best but wasn’t able to live up to expectations,” a glum Lee said. “I congratulate candidate Yoon Suk Yeol. I sincerely ask the president-elect to overcome division and conflicts and open a new era of unity and harmony.”