Lee Jae-myung of South Korea announces his presidential bid and promises to address inequality and rebuild the economy

The front-runner for president of South Korea, Lee Jae-myung, has formally entered the race for the nation’s presidency.

Opposition leader Lee Jae-myung of South Korea, who is currently leading opinion surveys, formally announced his presidential campaign on Thursday, promising to address inequality and spur economic expansion.

After former president Yoon Suk Yeol was impeached, the Korea will hold its presidential election on June 3. After the Constitutional Court validated Yoon’s declaration of martial law in December on April 4, he was ousted from office.

In a video statement, Lee noted that societal unrest and political instability are largely caused by economic polarization, particularly in the aftermath of Yoon’s contentious declaration of martial law. To boost South Korea’s economy, he pledged government-led investments in talent development and technology.

Conservative critics argue that Lee’s return to power might jeopardize strengthening relations with Japan and erode ties with the United States. Lee also addressed foreign policy issues. He denied those allegations and emphasized a diplomatic strategy based on common sense.

Realistically, collaboration between South Korea, the United States, and Japan is crucial, as is the alliance between South Korea and the United States. The Republic of Korea’s national interest is given precedence over all other considerations, according to Lee.

Negotiations with Washington will be complicated for the next president, especially when it comes to tariffs that impact South Korea’s export-based economy. In the closest campaign in the country’s history, Lee, 61, lost the 2022 presidential election to Yoon. But last year, he made a powerful electoral return, guiding his Democratic Party to a landslide parliamentary win and continuing to enjoy significant support from liberal voters.

In order to focus entirely on his campaign, Lee resigned as leader of the main opposition party on Wednesday. According to a Gallup Korea poll published on April 4, he had 34% of the vote, compared to 9% for the leading conservative contender, former labor minister Kim Moon-soo, 73.

In May, a primary is anticipated to choose the candidate for the ruling People Power Party (PPP), which is now facing a divided field. On Thursday, former PPP leader Han Dong-hoon declared his intention to run for office, joining an increasing number of other candidates, such as PPP member Ahn Cheol-soo and Seoul Mayor Oh Se-hoon.

Former justice minister and Yoon’s close associate Han joined politics in late 2023 but has since distanced himself from the outgoing president after supporting his impeachment. Lee is the only candidate with double-digit support in recent surveys, despite the conservative field growing.