South Korean President Lee Myung-bak hailed Barack Obama's election as new U.S. president on Wednesday.

"President Lee Myung-bak sent a congratulatory message to both Obama and his running mate Joe Biden and expressed hope for further development of bilateral relations between South Korea and the U.S.," said a statement by the Presidential Office.

"Obama's election victory is a result of the American people's support for new changes and hope," it added.

(Xinhua News Agency November 5, 2008)