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.
2 minor parties merge ahead of general elections
Rep. Yang Hyang-ja, left, head of the Hope of Korea, and Lee Jun-seok, head of the the Reformist Party, hold a joint press conference announcing the merger of their parties at the National Assembly in Seoul, Wednesday. Yonhap
By Lee Hyo-jin
Coalition sparks momentum for potential 'big tent' party
The Reformist Party head Lee Jun-seok and Rep. Yang Hyang-ja, who leads Hope of Korea, declared the merger of their respective parties, Wednesday, marking a significant step toward collaboration among minor parties in the lead-up to the April 10 general elections.
The coalition between Lee, former leader of the ruling People Power Party (PPP), and Yang, a former member of the main opposition Democratic Party of Korea (DPK), increasingly suggests that the upcoming elections may not be the typical two-party race.
"We agree with each other's visions and values," Yang said during a joint conference held at the National Assembly.
"Since entering politics in 2016, I have been stressing the need to create a society where hard work ensures fair rewards and success...The vision of the Reformist Party aligns with the views that I had when I began my political career."
She added, "The Reformist Party is the Hope of Korea, and the Hope of Korea is the Reformist Party."
Yang, a former Samsung Electronics executive with expertise in semiconductors, pledged that their party would prioritize science and technology in the governance system, aiming to position Korea as "the first mover" in innovation, rather than a "fast follower."
She announced several pledges, including the construction of K-Neom City and the establishment of a deputy prime minister position for science and technology.
Lee stated that he agreed with the vision laid out by Yang's party, and Yang similarly acknowledged the reform values upheld by his party.
"The Reformist Party and the Hope of Korea have decided to merge and carry out political activities together with shared goals and visions," Lee said. "We will initiate working-level discussions today and work together to deliver achievements to the public as soon as possible."
Regarding the party's name following the merger, Lee told reporters that its official name would be the Reformist Party, and Hope of Korea would be used as its slogan.
His new party was officially launched last Saturday, about a month after parting ways with the PPP in December following conflicts with President Yoon Suk Yeol and Yoon's loyalists within the party.
As for Yang, she left the DPK in 2021 amid allegations that one of her aides sexually harassed a colleague. She formed her own party in August 2023.
The coalition between Lee and Yang is anticipated to serve as momentum expediting collaboration among satellite parties, possibly leading to the creation of a "big tent" party.
The "Future Coalition," consisting of several lawmakers who recently departed from the DPK, including Reps. Lee Won-wook, Cho Eung-cheon and Kim Jong-min, are said to be moving closer to joining hands with the New Future Party, led by former DPK leader Lee Nak-yon.
Local media reports suggested that the two sides are engaging in related discussions and visible progress could be made as early as this week.