South Korea’s opposition leader Lee Jae-myung, the frontrunner in polls to become the country’s next president, announced his candidacy Thursday, pledging to tackle inequality and boost economic growth.
The presidential election will be held on June 3, after the impeachment of former president Yoon Suk Yeol for his December martial law declaration was upheld on April 4.
In a video released on Thursday, Lee pledged to fix South Korea’s economic polarisation that he said was a key source of social conflict, highlighting how he felt this had exacerbated the recent political turmoil in the wake of Yoon’s martial law order.
Large-Scale Investments
Lee vowed to drive large-scale investments at the government level in technology and talent development to resuscitate economic growth.
Conservative critics have warned that a return to power by the opposition could undermine the alliance with the United States and threaten improved ties with Japan, but Lee proposed a pragmatic approach to diplomacy.
“Realistically speaking, the South Korea-U.S. alliance is important, and South Korea, the U.S., and Japan’s cooperation is important. Within that, the consistent principle is that the national interest of the Republic of Korea is the top priority,” Lee said.
A new South Korean leader will likely face the daunting task of negotiating with the U.S., the country’s leading security ally, over tariffs that have cast a cloud over the export-reliant economy.
Lee, 61, lost by the slimmest margin in the country’s history when he ran against Yoon in the 2022 presidential election.
But last year, he led his liberal Democratic Party to a landslide victory in a parliamentary election, and enjoys strong support from liberal voters.
Lee Steps Down
On Wednesday, Lee stepped down as leader of the main opposition party, preparing to switch gears to focus on his election campaign.
A Gallup poll announced on April 4 put Lee as the favourite to become the next president with 34% support, versus 9% for the top conservative contender, 73-year-old former labour minister Kim Moon-soo.
The conservatives have a wide-open presidential field. The ruling People Power Party (PPP) plans to confirm its candidate through a primary in May.
Han’s Presidential Bid
Han Dong-hoon, a former PPP leader, also said on Thursday he was running for president, joining a growing group of potential and declared candidates that includes the mayor of Seoul, Oh Se-hoon, and ruling party member Ahn Cheol-soo.
More hopefuls are expected to join, but so far apart from Lee, the field has polled single-digit public support in surveys.
Han was previously a justice minister close to ousted leader Yoon and entered politics in late 2023, but their ties have soured after he backed Yoon’s impeachment.
Meanwhile, Lee still faces legal uncertainties that could affect his candidacy.
He is on trial for charges ranging from alleged bribery to involvement in a $1-billion property development scandal.
Prosecutors have also appealed against a court’s decision in March to overturn Lee’s guilty verdict on election law violations.
It was unclear if any of the ongoing court cases would present a roadblock to Lee’s presidential bid.
In January 2024, Lee survived a knife attack and underwent surgery when he was stabbed in the neck by a man during an event.
(With inputs from Reuters)
