Lee, the opposition leader in South Korea, indicates his intention to run for president as the race begins

On Wednesday, Lee Jae-myung, the head of South Korea’s main opposition party, announced his resignation as party leader, as anticipation grows that the current populist front-runner in presidential opinion polls will soon declare his candidacy.

Kim Moon-soo, South Korea’s labour minister and a member of the ruling People Power Party, has officially announced his candidacy, joining others in expressing an intention to run.

South Korea is set to conduct a snap presidential election on June 3, following the upholding of former president Yoon Suk Yeol’s impeachment, which was related to a martial law declaration made in December.

“I will now be starting new work,” Lee, the leader of the Democratic Party, announced during a party leadership meeting that was broadcast live on his YouTube channel. He neither elaborated nor confirmed his intention to stand for the presidency.

The election marks the beginning of a competition to choose a new leader who will face the task of steering Asia’s fourth-largest economy through a global trade war initiated by extensive tariffs set by U.S. President Donald Trump.

The upcoming leader will encounter a fierce partisan conflict intensified by the impeachment of Yoon, who pointed to persistent political obstruction from the majority opposition and unverified allegations that the 2024 parliamentary election was tainted by fraud when he announced martial law.

Lee, 61, suffered a defeat by the narrowest margin ever recorded in the nation’s history during his 2022 presidential election campaign against Yoon. In the previous year, he guided his liberal party to a decisive triumph in a parliamentary election.

In contrast to the Democratic Party, the People Power Party boasts a diverse array of declared and potential candidates, including the labour minister and the mayors of Seoul and Incheon, despite some struggling to achieve more than single-digit percentages in polling.

LEE LEADS SIGNIFICANTLY BUT ENCOUNTERS LEGAL CHALLENGES

Kim, a supporter of Yoon advocating for his reinstatement, presently stands at the forefront among conservative candidates, yet he lags behind Lee by double digits in opinion polls within a two-way context.

He stated his intention to concentrate on enhancing the security alliance with the United States while also exploring a route for the country to possibly pursue nuclear armament by obtaining the right to reprocess nuclear fuel, a move regarded as a precursor to developing atomic weapons.

“In light of North Korea’s nuclear threat, I will take on a global leadership role in safeguarding freedom and human rights by establishing nuclear fuel processing capabilities and advancing the development of nuclear-powered submarines,” he stated.

On Wednesday, the head of the National Election Commission stated that voting was overseen by over 300,000 independent observers and workers, affirming that there were no reasons to question the integrity of the 2024 election or any other votes.

Yoon is currently facing a distinct criminal trial for allegedly leading an insurrection by declaring martial law without constitutional justification.

Lee, who endured a knife attack in 2024 that left him severely injured but has since made a full recovery, now confronts his own legal uncertainties.

In March, a court overturned his guilty verdict regarding election law violations; however, prosecutors have appealed this decision to the Supreme Court. Additionally, Lee is facing other trials related to charges that include bribery and corruption.

The ongoing court cases raised uncertainty about whether they would pose a hindrance to Lee during the election process.