South Korea's right is looking to remake itself after a massive defeat in this week's snap presidential election that left it with little power to challenge the ruling Democratic Party.

Opposition leader Lee Jae-myung was sworn in as South Korea’s next president on Wednesday following a dramatic snap election six months after the country’s previous leader declared martial law and plunged the nation into chaos.

Kim Moon-soo's concession means Democratic Party candidate Lee Jae-myung has won the election to be South Korea's next leader. In a speech just concluded, Lee vowed to restore the country's economy and to make peace in the Korean peninsula.