Johnson Toribiong has been confirmed as Palau's new president, after receiving a concession phone call from his closest rival Elias Camsek Chin.
Mr Toribiong was holding a 264-vote lead over Mr Chin, Palau's current vice president.
But following counting of some offshore votes, Mr Chin chose to concede, even though it will take several more days for official results to come through.
Mr Toribiong says his clear message of economic development was what won him the position.
"We have to get together and promote our economic sef sufficiency and make Palau an investment friendly nation and put our people to work to minimise our reliance on foreign grants, because of the ever-declining US subsidy to our government."
Johnson Toribiong says he looks forward to working with the newly elected National Senate and House of Delegates.