PALIKIR, Micronesia (AP) _ Bailey Olter of the state of Pohnpei was elected by the National Congress today as president of Micronesia.

Olter, 59, and Jacob Nena, 49, of Kosrae, who was elected vice president, were sworn in by Supreme Court Chief Justice Edward King in a brief ceremony held just after the Congress session.

A formal inauguration ceremony is scheduled for May 21 in this Western Pacific republic of 100,000 people and 607 islands.

Olter, a former vice president and the third president since the Federated States of Micronesia was established as an independent republic in 1979, succeeded John R. Haglelgam of Yap, who served one term beginning in 1987.

The 14-member Congress elects the president from among its four at-large senators, one each elected from each of the four states, Pohnpei, Yap, Kosrae and Chuuk, formerly known as Truk.

Micronesia was given its independence under a Compact of Free Association with the United States in 1979, uniting the four states that had been part of the U.S. Trust Territory of the Pacific established by the United Nations in 1947.

Micronesia extends 1,800 miles across an archipelago of the Caroline Islands and is located 2,900 miles southwest of Honolulu and 1,000 miles southeast of Guam.