Ex-main opposition leader Lee Jae-myung declares presidential bid

A news channel at Seoul Station airs a video of Rep. Lee Jae-myung, former leader of the Democratic Party of Korea, announcing his candidacy for the upcoming presidential election, Thursday. Korea Times photo by Shim Hyun-chul

Rep. Lee Jae-myung, former leader of the liberal Democratic Party of Korea (DPK), formally declared his candidacy for the presidential election on Thursday, saying his primary focus will be economic growth.

This will be his third presidential bid following the first one in 2017 when he was eliminated in the party’s primary, and the second one in 2022 when he was the DPK candidate but narrowly lost to then-conservative candidate Yoon Suk Yeol. This year’s snap election is held as Yoon was ousted over his Dec. 3 martial law declaration.

The former Gyeonggi Province governor and long-time frontrunner in most opinion polls made the announcement in a 10-minute documentary-style video titled "Now, Lee Jae-myung."

Filmed at an undisclosed location in Seoul shortly after the removal of Yoon, the video served as Lee’s official campaign launch. He did not hold a separate press conference or public event.

Lee emphasized economic growth, in an apparent attempt to expand his support base to centrist voters.

Saying widening inequality lies at the heart of the nation's growing social conflict, he called for bold, state-led investments to address the issue.

"The gap between the rich and the poor has grown far too wide," he said, accusing the current administration of "neglecting the economy for nearly three years."

He added that Korea could reinvigorate its economy by expanding workforce training, boosting investment in research and development and offering greater support for startups and venture businesses.

Lee also reaffirmed his commitment to his core campaign themes, which focus on strengthening basic living standards and promoting broader well-being.

He stressed pragmatism and swift action as key principles for achieving these goals.

"My vision goes beyond simply easing suffering," Lee said. "It is about creating a society where people can live happily, pursue greater values and enjoy a better quality of life."

He underscored the importance of the Korea-U.S. alliance and trilateral cooperation with Japan, emphasizing that every decision must prioritize national interests.

"We should compete where necessary, cooperate where possible and manage conflicts where they arise," he said.

He also unveiled a national vision called the “K-initiative,” which aims to build a new Korea that overcomes internal divisions and assumes a leading role on the global stage by harnessing the strength and potential of its people.

Former People Power Party leader Han Dong-hoon announces his bid for the presidency at the National Assembly, Thursday. Korea Times photo by Choi Won-suk

On the same day, Han Dong-hoon, former leader of the main conservative People Power Party (PPP), officially announced his intention to run for president, directly targeting Lee.

“We must stop a dangerous individual from becoming president and prevent the creation of a monstrous government that could destroy the country,” Han, who also served as justice minister under Yoon, said during a campaign event held at the National Assembly.

The "dangerous individual" referred to Lee, who is undergoing five trials on 12 charges.

"We must protect our future from reckless politicians who would sacrifice the nation’s fate for their own power, and from the extremist populists who blindly follow them," Han said. "Their strategy is obvious. They will weaponize the martial law declared by Yoon and attack us by asking, 'What did you do then?'"

The prosecutor-turned-politician said he deeply empathizes with those who suffered under the martial law declaration and impeachment proceedings, vowing to share their pain "more deeply, more fully and for longer."

"But this is part of the journey toward our nation's ultimate goal of liberal democracy," he said. "We can win again by upholding the conservative values of freedom and the rule of law, and by fulfilling our responsibilities."

Besides Han, Rep. Na Kyung-won of the PPP, a former judge and a five-term lawmaker, said she would join the presidential race.

During the martial law and impeachment upheaval, Na was among several lawmakers who sided with far-right activists. It is reported that she met with Yoon at his official residence a day after his ouster.

"I will defend Korea and its people until the very end. I will save the country without fail," she pledged.