Former Democratic Party of Korea leader Lee Jae-myung announces his candidacy for the upcoming presidential election through a video on April 10. Courtesy of the Lee Jae-myung campaign. Courtesy of Lee Jae-myung’s campaign team

Former Democratic Party of Korea (DPK) leader Lee Jae-myung on April 10 declared his candidacy for the presidential election on June 3, unveiling his vision for the country called the “K-Initiative,” which can be summarized as focusing on “economic growth” and “pragmatism.” He pointed to economic polarization as the root cause of the deepened social conflict following former President Yoon Suk-yeol’s martial law declaration on December 3 last year, and presented economic growth as the solution. He emphasized pragmatism as a means to realize this. This indicates his intention to pursue a centrist path in the presidential race, with growth and pragmatism as its two main pillars.

In a 10-minute video titled “The Real Korea Begins Now,” Lee presented economic growth as his top policy objective should he take office. In the video, he devoted the most time to addressing economic issues. He diagnosed the “scars left by the insurgency” as social conflicts, but the root cause was that “it has become difficult to make a living, and life has become harder.” He emphasized, “The issue of making a living is the most important.”

Lee’s emphasis on economic growth appears to align with his recent declaration of a “centrist-conservative” stance. This marks a departure from the DPK’s traditional platform, which has focused on welfare and redistribution as solutions to inequality. Back in February, during an appearance on MBC’s “100 Minute Debate,” he said, “If we don’t focus on the economy, we’ll face negative growth. Then how can we even talk about distribution or fairness?” adding, “Welfare can only exist if we survive first.”

Lee also emphasized the importance of government fiscal investment to drive economic growth. He said, “Over the past three years, the government has neglected the economy,” and stressed that “the economy cannot develop through the private sector alone, so the government's role is crucial.” He specifically highlighted cutting-edge science and technology as areas where government investment is essential.

He explained that “the level of scientific and technological advancement has become too high for individual companies to handle,” and called for “government-led talent development, large-scale investment in technology and R&D, and substantial funding for startups and venture companies.” This is seen as an extension of his vision for a “Korean-style NVIDIA,” where the government supports AI companies through a sovereign wealth fund and shares in the resulting profits.

Lee presented pragmatism as the means to achieve economic growth. He said, “Politics is about making decisions based on people’s lives in the real world,” adding, “Whether the color of a policy is red or blue, or whose idea it originated from, doesn't really matter.” He emphasized that “what is most useful and what is most needed should be the ultimate criteria.” In a New Year’s press conference in January this year, he also referenced the “black cat, white cat” theory, saying, “As long as it catches mice, what does it matter whether the cat is white, black, or gray?”

In this regard, Lee also emphasized his ability to get things done quickly based on his long administrative experience as mayor of Seongnam and governor of Gyeonggi Province. “I don’t let paperwork pile up on my desk. I try to take care of tasks that seem simple and straightforward as quickly as possible,” he said.

The foreign policy stance he revealed that day also reflected a pragmatic approach. “Realistically, the South Korea-U.S. alliance and the South Korea-U.S.-Japan partnership are important,” he said, explaining that “the consistent principle is that national interests come first.”

Lee made no mention of setting up relations with China or Russia, but said, "Competition between nations has become nearly identical to competition between companies. Clearly defined roles and cooperation between the government and businesses are crucial.”