Former Democratic Party of Korea leader Lee Jae-myung announces his bid for the party's chairmanship at a press conference in Seoul, Wednesday. Yonhap

Rep. Lee Jae-myung, former chairman of the main opposition Democratic Party of Korea (DPK), announced his bid for a second term, Wednesday, pledging to place top priority on improving people's livelihoods if reelected.

The DPK plans to hold a national convention on Aug. 18. The new leader elected during the event will serve until August 2026, which means they will have the power to recommend candidates for the June 2026 local elections and for the presidential election in March 2027.

Due to this timetable, Lee's bid for his second term is viewed as a preparation for the next presidential election.

At a press conference, Lee offered a preview of how he plans to serve his second term as DPK chairman, highlighting his accomplishments in achieving a decisive victory in the April 10 general elections and showing party members he remains focused on innovation policies.

They include investing in science and technology, transitioning to renewable energies, redefining education in the era of artificial intelligence and introducing a four-day workweek by 2035.

"My pursuit of a second term isn't for personal gain. Leading a party is a difficult job. I could have chosen to disappear from the public eye for a while and return to the political scene at a later date, but I felt like I should prioritize what is more desirable for the people and the country over my personal stance," Lee said

Though he evaded questions about the presidential office and the ruling People Power Party (PPP), Lee mentioned that the current political division and challenges have influenced his decision to run for party leadership.

"We are facing a series of crises, including low birthrate and security risks on the Korean Peninsula. The ruling party has been inactive in proposing new policies. Instead, they are tackling our efforts to drive reforms," Lee said.

If Lee succeeds in becoming the reelected chairman of the DPK, he will become the first leader of the largest liberal party to do so since former President Kim Dae-jung, who was the leader of the National Congress for New Politics from September 1995 to January 2000.

Kim Ji-soo, president and founder of the Korean Peninsula Economic Forum, announces his candidacy for party leadership at a press conference in Seoul, Wednesday. Yonhap

On the same day, Kim Ji-soo, president and founder of the Korean Peninsula Economic Forum, also announced his candidacy for DPK leadership.

"We failed to peek into the lives of people who have willingly given up on their future. We need to address their concerns and support future generations," he said.

Kim Du-kwan, former lawmaker of the DPK, announced his bid, Tuesday, vowing to stop Lee from exercising undisputed control over the party.

Kim Du-kwan, a former DPK lawmaker, announced his bid at Sejong City Council, Tuesday. Yonhap

"The shadow of totalitarianism is hanging over the DPK. The party has devolved into Lee's personal political entity. If we fail to prevent the party being dominated by Lee and his loyalists, we will inevitably collapse," Kim said during a press conference in Sejong, Tuesday.

However, Lee faces a relatively smooth path to winning party leadership, with no serious challengers, compared to the fierce four-way competition for the PPP chairmanship.

The PPP criticized Lee's bid for a second term, calling his move "shameless."

"By eyeing his second term, Lee is trying to protect himself from legal concerns and satisfy his own selfish desires," said Yoon Hee-seok, a senior spokesperson of the PPP.

Lee faces a series of criminal allegations, several of which have gone to trial. These include accusations of Lee providing unlawful favors to private developers who gained substantial profits from a scandal-ridden land development project in Daejang-dong, a neighborhood of Seongnam, Gyeonggi Province, during his tenure as mayor of the city. Additionally, he is implicated in the transfer of illicit funds to North Korea. While Lee vehemently denies all charges, the trials are currently ongoing.