South Korean opposition leader Lee Jae-myung has officially announced his candidacy for president, pledging to address economic inequality and drive economic growth.
In a video released on Thursday, Lee emphasized the need to tackle economic polarization, which he identified as a major source of social conflict and a key factor behind recent political unrest. He promised to focus on bridging the economic divide and strengthening the nation’s economy through large-scale government investments in technology and talent development.
The presidential election is set for June 3, following the impeachment of former President Yoon Suk Yeol, whose December martial law declaration was upheld by the constitutional court on April 4. Lee, currently the frontrunner in opinion polls, also sought to address concerns that a return to opposition power could harm South Korea’s relationship with the United States and jeopardize improved relations with Japan. However, Lee proposed a pragmatic approach to diplomacy, stating, “Realistically speaking, the South Korea-U.S. alliance is important, and South Korea, U.S., Japan cooperation is crucial. The national interest of the Republic of Korea must always be the top priority.”
In contrast to Yoon, Lee has expressed support for increased engagement with North Korea, aligning him with U.S. President Donald Trump’s approach to diplomacy.
A new president will face the complex task of negotiating with the U.S. over Trump’s tariffs while attempting to stabilize the political and economic turmoil left in the wake of Yoon’s controversial martial law declaration.
Lee, 61, previously lost the closest presidential race in South Korea’s history to Yoon in 2022. However, last year, he led his liberal Democratic Party to a sweeping victory in parliamentary elections and enjoys significant backing from liberal voters. On Wednesday, he stepped down as the leader of the main opposition party to focus on his presidential campaign.
A Gallup poll released on April 4 showed Lee as the leading candidate with 34% support, compared to just 9% for his top conservative rival, 73-year-old former Labour Minister Kim Moon-soo.
Despite his strong poll numbers, Lee faces legal challenges that could impact his candidacy. He is currently on trial for charges including alleged bribery and involvement in a $1 billion property development scandal. Additionally, prosecutors have appealed a court’s March decision to overturn Lee’s guilty verdict on election law violations.
