New President Elected

A former chief of a large South Korean automobile conglomerate had been elected as the country's new president.

Lee Myung-Bak, former leader of Hyundai Conglomerate for 27 years and former city mayor of the capital Seoul, is due to be sworn in as the new leader of the country's next government.

The president-elect, with the support of the Presidential Transition Committee, has finalised 21 goals for Lee's 2008-2013 term.

One of the plans unveiled by the president-elect is to create an inter-Korean joint economic community once North Korea fully complies with the international community's wishes of nuclear dismantling and its possible transition into a market-economy.

The incoming administration will also implement various reforms on internal matters such as military welfare, education, social welfare, employment laws as well as protection of the country's unique cultural assets.