South Korea’s opposition leader Lee Jae-myung launches Presidential bid, vows to tackle inequality

South Korea’s opposition leader, Lee Jae-myung, officially declared his candidacy for the presidency on Thursday, positioning himself as the top contender in the upcoming election set for June 3.

Lee pledged to address economic inequality and revive the country’s economy through strategic investments in technology and talent development.

The presidential election follows the impeachment and removal of former President Yoon Suk Yeol, whose martial law declaration in December was upheld by the Constitutional Court on April 4.

In a video announcement, Lee described economic polarisation as a key driver of social tension and political instability in the country, particularly after Yoon’s controversial martial law decision. He assured that under his leadership, the government would take the lead in boosting economic growth and restoring national unity.

On foreign relations, Lee addressed criticisms from conservatives who fear his leadership might strain South Korea’s relationship with the United States and disrupt growing ties with Japan. He dismissed these claims, asserting a balanced and practical approach to diplomacy.

“Realistically speaking, the South Korea-U.S. alliance is important, and South Korea, U.S., Japan cooperation is important. Within that, the consistent principle is that the national interest of the Republic of Korea is the top priority,” Lee stated.

The incoming president will face ongoing trade negotiations with Washington, particularly regarding tariffs that affect South Korea’s export-dependent economy.

Lee, 61, narrowly lost the 2022 presidential election to Yoon in what became the closest race in South Korea’s history. However, he made a strong political comeback, leading his Democratic Party to a significant parliamentary win last year and maintaining strong support among liberal voters.

He stepped down on Wednesday as leader of the Democratic Party to focus fully on his campaign. According to a Gallup Korea poll released on April 4, Lee leads the race with 34% support. His closest conservative challenger, former labour minister Kim Moon-soo, trails behind with only 9%.

The ruling People Power Party (PPP), now navigating a divided conservative field, is expected to pick its candidate in May. Former PPP leader Han Dong-hoon officially joined the race on Thursday. Han, once a trusted ally of Yoon, distanced himself after supporting the former president’s impeachment. Other notable PPP hopefuls include Seoul Mayor Oh Se-hoon and Ahn Cheol-soo.

Despite the growing list of conservative candidates, none besides Lee Jae-myung have achieved double-digit poll numbers so far, reinforcing his status as the current front-runner in the presidential race.