New South Korean president Lee Myung-bak sworn in

THE ASSOCIATED PRESS
SEOUL, South Korea - Former businessman Lee Myung-bak took the oath of office as South Korea's new president Monday, promising to revitalize the economy, strengthen relations with the United States and deal with nuclear-armed North Korea.

The conservative, pro-U.S. Lee, nicknamed "The Bulldozer" for the can-do image he honed as a construction company CEO and later as mayor of the capital Seoul, was sworn into office in a colourful outdoor ceremony at the National Assembly in the presence of tens of thousands of onlookers.

Lee's presidency ends a decade of liberal rule critics say hindered economic growth, was too soft on North Korea and fomented tension with traditional close ally Washington.

Lee, 66, said he will slash regulation, cut taxes, streamline government and draw in more foreign investment. South Korea's economy grew 4.9 per cent last year and five per cent the year before but Lee says it has underperformed.

Accusations of ethical lapses dogged Lee even after his election victory. Special prosecutors cleared him only last Thursday of various allegations, including that he was involved in a 2001 stock price manipulation.

Lee, who flatly denied the charges, was the country's first president-elect to face a criminal inquiry.

© The Canadian Press, 2008