People Power Party candidate Kim Moon-soo has conceded defeat in the presidential election, saying he “humbly accepts the will of the people.”

Speaking at a press conference early Wednesday morning at the party’s headquarters in Yeouido, Kim said he would never forget the warm support he received from the public and thanked fellow party members for their dedication.

He also congratulated Lee Jae-myung of the Democratic Party on his election victory.

Kim added that no matter what crises South Korea faces, the country has always moved forward through the power of its people.