"In order to ensure that our economic engine runs smoothly, we will work to acquire a safe and stable supply of resources and energy," he said.

He promised that South Korea will actively participate in United Nations peacekeeping operations as well as enlarge its official development assistance (ODA).

The South Korean government said about 45,000 South Koreans attended the inauguration ceremony held in front of the National Assembly in Yeouido, central Seoul, while local media reported the participants reached a record high of 60,000.

Japanese Prime Minister Yasuo Fukuda, Chinese President Hu Jintao's special envoy Tang Jiaxuan, Russian Prime Minister Victor Zubkov, US Secretary of State Condoleezza Rice, Mongolian President Nambaryn Enkhbayar are also invited to attend the ceremony.

The inauguration of Lee, who was a successful CEO of the Hyundai Constructions, is regarded a positive signal for creating a business-friendly environment to reinvigorate the economy. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.5 points, or 1.27 percent, to 1,707.95 as of 11:20 A.M. on Monday.

Following the inauguration, Lee is set to meet with Fukuda, Tang Jiaxuan, Zubkov and Rice separately at the presidential office later in the day. Local media said Lee will visit Washington and Tokyo in April to further strengthen bilateral relations with the United States and Japan.

(Xinhua News Agency February 25, 2008)