On December 20th, 2007, President Myung Bak Lee was elected in a landslide. Among many reasons behind public support for the new President, the key mandate to him was to revive the economy. President-elect Lee, to meet the demand of the people, established the Special Council on National Competitiveness in the Presidential Transition Committee. The Presidential Council on National Competitiveness was officially established along with the inauguration of the Myung Bak Lee Administration in February, 2008.