South Korean runner-up acknowledges Kim victory

South Korean presidential candidate Lee Hoi-chang of the ruling Grand National Party has acknowledged defeat in Thursday's presidential election and said he would cooperate with his victorious opponent to solve the country's economis crisis.

In a "statement to the people", read on his behalf on South Korean TV on Friday, Lee said: "I express unsparing congratulations and respect to presidential candidate Kim Dae-jung, who has the honour of being elected as president." "I gravely accept the people's intention, and I completely yield to the outcome of the election.

I fought exerting my utmost efforts.

I feel that it was worthwhile to achieve a clean election without using money," he said.

"I thank you, the people who supported me, by bowing my head.

Also, I deeply thank the party members who devoted all their work for my election.

I will give unsparing cooperation and support to the president-elect to overcome today's economic crisis amid stability and harmony.

"As the largest party within the National Assembly, the Grand National Party will closely cooperate with the current government."

BBC Monitoring (http://www.monitor.bbc.co.uk), based in Caversham in southern England, selects and translates information from radio, television, press, news agencies and the Internet from 150 countries in more than 70 languages.