Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
Bumpy road ahead for potential 'big tent' party
Former Democratic Party of Korea (DPK) leader Lee Nak-yon attends a meeting on preparation of launching his new party called New Future Party at the party's office in Seoul, Monday. Yonhap
By Lee Hyo-jin
Sufficient time left to discuss uniting, says Lee Nak-yon's new party
The idea of new political parties uniting under a "big tent" is widely under discussion, but the formation of such a coalition remains uncertain due to key differences in ideologies and interests among the breakaway factions.
In recent weeks, prominent figures who parted ways with the conservative ruling People Power Party (PPP) as well as the liberal main opposition Democratic Party of Korea (DPK) have been increasing their presence in the lead-up to the April 10 general elections.
Former PPP leader Lee Jun-seok, 38, officially launched his new party, called The Reformist Party, Saturday, a week after former DPK chief Lee Nak-yon, 72, held a launch ceremony for a steering committee for his own party provisionally named the New Future Party on Jan. 16. The steering committee will lay the groundwork for the formation of Lee's new team.
Keum Tae-seop, a former lawmaker, and Rep. Yang Hyang-ja have taken similar steps, naming their respective parties New Choice and Hope of Korea. Additionally, several other lawmakers from the liberal bloc who recently departed from the DPK, including Reps. Lee Won-wook, Cho Eung-cheon and Kim Jong-min, have formed a coalition called Principle and Common Sense.
The potential establishment of a big tent to encompass these factions would be a significant variable in the upcoming elections. Various surveys indicate that the support rates for the DPK and the PPP remain below 40 percent, with approximately 30 percent of voters expressing support for neither party.
Kim Chong-in, a seasoned politician and former interim leader of the PPP, anticipated that a big tent party gathering these factions could potentially secure 50 to 60 seats out of the total 300 available in the Assembly.
The new parties led by the two Lees, along with the coalition led by former DPK Rep. Cho, have announced on Monday that they will launch a consultative body to discuss areas of possible collaboration. The three sides plan to hold a public debate session later this week.
"We seek to engage in discussions that would show our commonalities and differences to the people, and foster a transparent communication platform with the public," Chun Ha-ram, a member of The Reformist Party, said during a press conference.
However, questions persist regarding their differing identities and political interests.
"For Keum, Yang and members of Principle and Common Sense, their primary focus for now is to recruit more incumbent lawmakers before engaging in discussions about a big tent. They will be reaching out to DPK or PPP lawmakers who are unlikely to secure party nominations, persuading them to join their new team," said political commentator Rhee Jong-hoon.
As for the former DPK leader Lee, his approach toward forming a unified party could widely differ from others, as his ultimate goal is to run in the presidential election, rather than gain a seat in the 22nd Assembly.
From left, Lee Nak-yon, former leader of the Democratic Party of Korea (DPK), Rep. Yang Hyang-ja of the Hope of Korea party, and Lee Jun-seok, former leader of the People Power Party (PPP), applaud during Yang's book launching event at the National Assembly on Jan. 9. Korea Times photo by Choi Won-suk
"Lee Nak-yon is still considering the extent of his role in the upcoming elections. If he decides to play a pivotal role and seeks to become the flag-bearer of the third-party faction, that would lower the likelihood of him joining forces with Lee Jun-seok, who also wants to take on the leadership role," Rhee said.
But time is running out. Less than 80 days are left until the elections, and the smaller parties have not yet presented a unified political vision that sets them apart from the two major parties.
"The sooner the better. It would be best if they reach an agreement on how to form the alliance ahead of the Lunar New Year holidays," Rhee said.
The New Future Party, led by the former DPK leader, said on Monday that "there is still sufficient time for integration," adding that "positive developments would occur if each party set aside their ambitions and worked toward unity."
"It will ultimately be up to the people to decide when the 'golden time' is (for merging)," said Shin Jung-hyun, one of the party's founding members.
On Saturday, former PPP leader Lee expressed that "the golden time has passed" for merging the parties, leading to speculation that the young politician has become less willing to join forces.