South Korean opposition leader Lee Jae-myung has declared his bid for the presidency, promising to fix inequality and spur economic growth.

In a video released on Thursday, Lee pledged to fix economic polarisation that he said was a key source of social conflict, highlighting how he felt this had exacerbated the recent political turmoil.

The presidential election was scheduled for June 3, after the impeachment of former President Yoon Suk Yeol for his December martial law declaration was upheld by the constitutional court on April 4.

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Lee, the frontrunner in opinion polls, promised to drive large-scale investments at the government level in technology and talent development to resuscitate economic growth.

Conservative critics have warned that a return to power by the opposition could undermine the alliance with the United States and threaten improved ties with Japan, but Lee proposed a pragmatic approach to diplomacy.

“Realistically speaking, the South Korea-US alliance is important, and South Korea, US, Japan cooperation is important. Within that, the consistent principle is that the national interest of the Republic of Korea is the top priority,” Lee said.

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Unlike Yoon, Lee has also indicated his support for more engagement with North Korea, putting him in line with US President Donald Trump.

A new South Korean leader will likely face the daunting task of negotiating with the US over Trump’s tariffs, while also trying to calm the political and economic turmoil that followed Yoon’s ill-fated martial law declaration.

Lee, 61, lost by the slimmest margin in the country’s history when he ran against Yoon in the 2022 presidential election.

But last year, he led his liberal Democratic Party to a landslide victory in a parliamentary election and enjoys strong support from liberal voters.

On Wednesday, Lee stepped down as leader of the main opposition party, preparing to switch gears to focus on his election campaign.

A Gallup poll announced on April 4 put Lee as the favourite to become the next president, with 34 percent support, versus 9 percent for the top conservative contender, 73-year-old former Labour Minister Kim Moon-soo.

Still, Lee faces some legal uncertainties of his own that could also affect his candidacy.

He is on trial for charges ranging from alleged bribery to involvement in a $1bn property development scandal. Prosecutors have also appealed against a court’s decision in March to overturn Lee’s guilty verdict on election law violations.

It was unclear if any of the ongoing court cases would present a roadblock to Lee’s presidential bid.

In January last year, Lee survived a knife attack and underwent surgery when he was stabbed in the neck by a man during an event.

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