President Lee jae-myung marks first year with high approval

South Korean President Lee Jae-myung is celebrating his first year in office with strong public support, as his approval rating stands at 64%, according to a Gallup Korea poll released May 22. Lee took office on June 4 last year, following a period of political instability after the December 2023 martial law crisis, and has since focused on economic reforms, including shareholder rights and corporate governance changes under the revised Commercial Act. The stock market has surged under his leadership, with the Kospi index rising nearly 90% this year, reaching over 8,000 points. Lee has prioritized addressing the 'Korea discount' and improving shareholder protections, with proposed reforms targeting duplicate listings by holding companies. The government also plans to raise the National Pension Service’s domestic stock holdings to 20.8% by 2026. In foreign policy, Lee has emphasized pragmatic diplomacy, advancing tariff negotiations with the U.S., discussions on nuclear-powered submarines, and efforts to improve relations with Japan and China. His administration aims to launch South Korea’s first nuclear-powered submarine by the mid-2030s, using low-enriched uranium and domestic development with U.S. cooperation, to counter North Korea’s nuclear threats. However, challenges remain, including rising housing prices in Seoul and economic risks from the Middle East conflict. The June 3 local elections will serve as a test of Lee’s political momentum. Analysts note that while his practical governing style and communication have boosted public satisfaction, addressing housing shortages and maintaining economic stability will be critical in his second year.