The Saenuri (New Frontier) Party candidate Park Geun-hye on Wednesday defeated her rival Moon Jae-in of the Democratic United Party to become South Korea's first female president. Park will assume office in February, 2013, when Lee Myung-bak ends his five-year term. Park was leading with 51.6% of the vote, to 48% for Moon, with more than 89% of the vote counted. Park Geun-hye delivered a victory speech in central Seoul and said she will keep all the promises she has made to the Korean people.

Park Geun-Hye has made history as the first female president in Northeast Asia (Photo: telegraph.co.uk)

Park is the daughter of late South Korean President Park Chung-hee who was credited with bringing needed economic development to South Korea. Park’s parents were assassinated in the 70s. Park has served in the legislature since 1998, was a Member of Parliament for 5 terms, and was formerly Chairwoman of the Emergency Management Committee of the Saenuri Party.