TNI Bureau: Park Geun-hye on Wednesday has become South Korea’s first female president. She is the daughter of Cold War strongman Park Chung-hee who ruled the country for 18 years after seizing power in a coup.

Park, the 60-year-old leader of the conservative Saenuri Party, defeated 59-year-old liberal challenger Moon Jae-in. Moon, a leftwing former human rights lawyer from the Democratic United party, conceded defeat and congratulated Park on her victory.

Combined figures from the network, released after the polls closed, gave her 50.1 per cent of the vote over her main rival who polled 48.9 per cent.

Interestingly, children of former military rulers will now lead both North and South Korea.

On her victory, Park said, “it is a sign that the country’s economy would recover.”

Park, who said she had never married or had children so she could devote her life to public service.

Park will inherit a formidable array of economic problems when she takes office on 25 February next year.