South Korean Opposition Leader Lee Jae-myung Announces Presidential Bid

South Korean opposition leader Lee Jae-myung has officially announced his candidacy for president, vowing to address economic inequality, spur economic growth, and restore stability following recent political turmoil, Al Jazeera reports.

In a video released on Thursday, Lee pledged to tackle economic polarization, which he identified as a primary driver of social conflict and a key factor exacerbating the recent political unrest. The presidential election is scheduled for June 3, following the impeachment of former President Yoon Suk Yeol for his December martial law declaration, which was upheld by the constitutional court on April 4.

Lee, currently the frontrunner in opinion polls, promised to drive substantial government-led investments in technology and talent development to revitalize the South Korean economy.

While conservative critics have expressed concerns that an opposition victory could weaken the alliance with the United States and jeopardize improved relations with Japan, Lee has advocated for a pragmatic approach to diplomacy. In contrast to Yoon, Lee has also signaled his support for greater engagement with North Korea, aligning him with US President Donald Trump.

The next South Korean leader will face the challenging task of navigating relations with the US amid Trump’s tariffs, while also working to stabilize the political and economic climate following Yoon’s controversial martial law declaration.

Lee, 61, narrowly lost the 2022 presidential election to Yoon. However, he led his liberal Democratic Party to a significant victory in last year’s parliamentary election, solidifying his strong support among liberal voters.

On Wednesday, Lee stepped down as leader of the main opposition party to dedicate his efforts to his presidential campaign.

An April 4 Gallup poll indicated Lee as the leading candidate for the presidency, with 34 percent support, compared to 9 percent for the top conservative contender, former Labour Minister Kim Moon-soo.

Despite his strong position, Lee faces legal challenges that could potentially impact his candidacy. He is currently on trial for charges including alleged bribery and involvement in a $1 billion property development scandal. Prosecutors have also appealed a court’s decision to overturn Lee’s guilty verdict on election law violations. It remains unclear whether these ongoing court cases will impede his presidential bid.

Adding to the challenges, Lee survived a knife attack in January of last year, requiring surgery after being stabbed in the neck during a public event.