Seoul: Former Democratic Party leader Lee Jae-myung declared his presidential bid for the June election Thursday, vowing to become "the best tool" to serve the people.

According to Yonhap News Agency, Lee, considered the front-runner in the June 3 presidential election triggered by the ouster of former President Yoon Suk Yeol, announced his bid a day after he stepped down from the party chairmanship. In a 10-minute video message, Lee expressed his desire to help build a genuine Republic of Korea, emphasizing that such a nation is created by its people. He committed to becoming a tool for the people to achieve this vision.

Lee pinpointed economic polarization as a significant issue leading to social conflicts in the country. He pledged to restore economic growth through substantial investments aimed at improving people's livelihoods. In terms of foreign policy, Lee promised to prioritize national interests, emphasizing the importance of the South Korea-United States alliance and trilateral cooperation with Japan.

Officials announced that Lee will hold a press conference at the National Assembly on Friday. During this event, he plans to present his vision for the nation and announce the members of his election campaign team. Despite being the leading candidate in early opinion polls, Lee is embroiled in multiple scandals, including a land development scandal in Seongnam, south of Seoul. Lee narrowly lost the presidential race to Yoon Suk Yeol in 2022.