On Wednesday, Lee Jae-myung resigned as the chair of the Democratic Party of Korea, marking the official start of his presidential bid. Speaking to the Democratic Party leadership, Lee expressed gratitude for serving as chair for the past three years. He did not directly mention the upcoming presidential election on June 3 but alluded to the new phase in his political journey.
“The Democratic Party has been my life,” Lee said. “Most of my life, aside from my private life, has been with the Democratic Party. It still is.” His deep ties to the party were clear as he prepared to step into the next chapter of his political career.
Under the Democratic Party’s internal rules, any potential candidate for president must relinquish their leadership role. This was the formal reason for Lee’s decision to step down, but his comments also highlighted his sense of duty to address South Korea’s current political challenges.
Lee voiced his frustration with the state of the South Korean economy, particularly the fluctuating value of the won against the dollar. The situation had recently seemed to stabilize after the ousting of former President Yoon Suk Yeol on April 4. However, Lee noted that the currency exchange rates were once again rising, and he blamed this instability on the actions of acting President Han Duck-soo. Specifically, Lee pointed to Han’s nomination of two Constitutional Court justices, a move he argued an acting president was not qualified to make.
Lee questioned whether Han realized the mess he had caused by stepping outside his role. According to Lee, the acting president’s actions were a reminder that the turmoil caused by Yoon’s presidency was not yet over. He referred to Yoon’s controversial decision to impose martial law in December 2024 as the root cause of ongoing struggles in the country.
“There is no guarantee that things will get better tomorrow, or the day after that,” Lee said, highlighting the uncertainty the nation continues to face. However, he remained optimistic about South Korea’s resilience, noting the country’s history of overcoming adversity. “Our great people have a history of overcoming adversities,” Lee said, adding that he would be part of the journey to recovery.
Lee is expected to officially announce his presidential candidacy sometime next week, signaling the beginning of his formal campaign.
On the same day, another contender from the Democratic Party also announced his intention to run for president. Gyeonggi Province Governor Kim Dong-yeon revealed his presidential bid at Incheon Airport as he left for a trip to the United States. Kim, who succeeded Lee as the governor of Gyeonggi Province, emphasized that his goal was to “build a brand new South Korea.” Kim’s announcement comes at a time when the South Korean government is dealing with the implications of new tariffs imposed by the United States.
Kim explained that his trip to the U.S. was intended to meet with automakers to discuss the impact of the new tariffs. He was also scheduled to meet Michigan Governor Gretchen Whitmer to talk about how the tariffs would affect South Korea’s economy. “As governor, I feel obliged to step up and seek ways to soften the blow of the Trump administration’s new tariffs,” he said, underlining the need for leadership in navigating such international challenges.
Kim’s presidential run was also supported by former President Moon Jae-in, who personally wished him well during a phone conversation on Wednesday. This endorsement reflects the continuing influence of Moon within the Democratic Party, which could bolster Kim’s candidacy as the election approaches.
Both Lee and Kim are now officially in the race, and their respective announcements mark the beginning of what promises to be a fiercely contested presidential election. With Lee’s deep ties to the Democratic Party and Kim’s fresh vision for the future, voters will have two distinct choices as they head to the polls. As the election nears, both candidates are likely to focus on the pressing issues facing South Korea, from the economic challenges to international relations.
In the coming weeks, the race for the presidency will unfold further, with both Lee and Kim taking steps to solidify their platforms and gather support across the country. Their competing visions will likely spark debate and influence the direction of South Korea’s political future.
