Lee Jae-myung officially begins presidency, inauguration at 11 a.m.

President Lee Jae-myung speaks on the phone with Joint Chiefs of Staff Chairman Kim Myung-soo at his residence in Gyeyang District, Incheon, Wednesday, receiving a briefing on the transfer of military command authority. Yonhap

Lee Jae-myung of the liberal Democratic Party of Korea (DPK) started his presidential term at 6:21 a.m., Wednesday, after winning the election the pervious day for a five-year term to lead the country.

As the National Election Commission (NEC) confirmed his victory, all powers and responsibilities as the president were transferred to Lee, including one of the most criticals: command over the nation's armed forces.

In Tuesday's election, Lee gained 49.42 percent of the votes, beating major conservative People Power Party's Kim Moon-soo at 41.15 percent and minor conservative Reform Party's Lee Jun-seok at 8.34 percent.

Earlier in a speech after his victory became almost certain, he pledged to revive the economy, stabilize democracy and promote national unity.

And Wednesday — his first day on that mission — is expected to be a busy one for Lee, from an early-morning military briefing to inauguration.

When a president's term ends under normal circumstances, command of the armed forces transfers to the new leader at midnight on the inauguration day. But in the case of a by-election — like the case of former President Moon Jae-in in 2017 and again this year — power shifts the moment the NEC officially confirms the new president’s victory.

Using encrypted communications, the chairman of the Joint Chiefs of Staff briefed the new president on the transfer of military command, current defense readiness, and intelligence related to North Korea.

A phoenix flag symbolizing the presidency, right, is hoisted next to the Korean national flag at the presidential office building in Yongsan, Seoul, Wednesday, marking the start of President Lee Jae-myung’s term. Yonhap

Lee is then expected to visit the Seoul National Cemetery. All five presidents before him paid their respects there on the morning of their first day in office, ahead of their inauguration ceremony.

The inauguration ceremony will take place at 11 a.m. at the National Assembly, with approximately 300 attendees expected. The guest list includes top officials from major state institutions — the Assembly, the Supreme Court, the Constitutional Court and the NEC — along with lawmakers, party and religious leaders, Cabinet members and representatives from various sectors.

Unlike most presidents, who typically have a 60-day transition period, Lee will hold a simpler ceremony.

Regarding a presidential office, Lee has repeatedly said the former presidential compound of Cheong Wa Dae, home to Korea’s presidents for nearly 74 years before the Yoon Suk Yeol administration, would be a more appropriate location for the next president’s office.

Lee is expected to get to work immediately from the presidential office in Yongsan District. He has repeatedly said the former presidential compound of Cheong Wa Dae, home to Korea’s presidents for nearly 74 years before the Yoon Suk Yeol administration, would be a more appropriate location for the next president’s office.

However, as Cheong Wa Dae has been open to the public as a tourist destination since Yoon taking office and now has no security measures for president, Lee is expected to carry out his duties from the current presidential office in Yongsan District for the time being. His team is likely to soon begin discussion on the feasibility of moving back to Cheong Wa Dae.

From the afternoon, he is expected to follow tradition by holding phone conversations with leaders of key countries from his presidential office. It is not known yet when he will have a phone talk with U.S. President Donald Trump.

Lee is also expected to announce key Cabinet appointments. Kim Min-seok, a Supreme Council member of the DPK, has reportedly been tapped as his first prime minister. Rep. Kang Hoon-sik is likely to be named as chief of staff, while Lee Han-jo, head of the Democratic Research Institute, is expected to lead the presidential policy office.