South Korea’s largest opposition Democratic Party leader Lee Jae-myung has resigned from his position as party leader. This is reported by the news agency Yonhap. It is expected that Lee, who is seen as the frontrunner for the upcoming presidential elections, will announce his presidential candidacy on Thursday. “I am grateful that I was able to work as party leader for three years and achieve some significant results” the politician emphasized at a meeting of the party’s Supreme Council. “I don’t feel particularly sad, as I believe I will soon begin a new chapter” Lee said in reference to his presidential candidacy. Later, his advisor Kwon Hyuk-ki told reporters that Lee will announce his presidential candidacy via video message on Thursday.
On June 3, early presidential elections will be held in South Korea, following the dismissal of former President Yoon Suk-yeol due to the imposition of martial law in December. The election of the new head of state will take place against the backdrop of the country’s worst constitutional crisis in decades. The new president will also face significant economic challenges, as he will have to lead South Korea, the fourth-largest economy in Asia, through a global trade war triggered by the extensive tariffs imposed by US President Donald Trump.
In 2022, Lee lost the presidential elections against Yoon with the closest result in the country’s history. Last year, the 61-year-old politician led his Democratic Party to victory in the parliamentary elections.
According to Reuters, the ruling conservative party has several potential candidates, including Labor Minister Kim Moon-soo, as well as the mayors of Seoul, Oh Se-hoon and Incheon, Yoo Jeong-bok.
The 73-year-old Kim Moon-soo has already announced his intention to run for the presidency. Kim, who supported Yoon and demanded his reappointment, is currently leading the list of conservative candidates, although he trails Lee in opinion polls.
According to a recent Gallup Korea survey conducted last week, 52 percent of respondents expect an opposition candidate to win the next elections, while 37 percent favor a candidate from the ruling party. For the position of the future president, Lee received the most support from respondents with 34 percent, followed by Labor Minister Kim with nine percent.
If elected, Kim plans to advocate for the recycling of spent nuclear fuel and the development of submarines with nuclear propulsion to counter the nuclear threat from North Korea.
Kim said he will focus on strengthening the security alliance with Washington, but will also push for negotiations with US President Donald Trump over the sharing of defense costs for the stationing of US troops in South Korea.