Lee Myung-bak to be sworn in as president

SEOUL, Feb. 24 (UPI) -- Preparations were under way in Seoul Sunday for the swearing-in of conservative businessman Lee Myung-bak as South Korea's 17th president.

The ceremony is scheduled to take place Monday in front of the National Assembly in Yeouido, South Korea's Yonhap news agency reported.

Lee's inaugural address is expected to include his plans for national development based on a market economy, Yonhap said.

He will urge government deregulation and other market-friendly reforms, including increasing incentives for foreign investors.

About 180 foreign dignitaries have been invited to attend the inaugural ceremony, including U.S. Secretary of State Condoleezza Rice.

An estimated 45,000 people will witness the outdoor ceremony, Yonhap said.