SEOUL-- Democratic Party presidential candidate Lee Jae-myung said Thursday he wishes President-elect Yoon Suk-yeol to be a successful president.

"I sincerely wish him to become a successful president," Lee said during a ceremony marking the disbandment of his party's election committee. "I wish the next government can care and respect the will of people, and follow the course of history."

Lee conceded his defeat to Yoon of the conservative People Power Party earlier in the day. The former Gyeonggi governor earned 47.83 percent of the vote against Yoon's 48.56 percent.

"Our election committee, supporters and DP members did not lose," he said. "You all did your best and produced results, but the lost came because I, Lee Jae-myung, could not fill the gap of 0.7 percentage point. All responsibilities are on me."

Lee emphasized that people' decisions were always right.

"I always believe in people's greatness," he said. "I think their decision is the manifestation of their collective wisdom."

Source: Yonhap News Agency