South Korea: Former Democratic Party leader declares presidential bid

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, reports Yonhap news agency.

"I do not just want a country that only carries the name 'Republic of Korea,' but I want to help build a real Republic of Korea," Lee said in a 10-minute video message. "Such a Korea is created by its people and I hope to become a great tool -- the best tool -- of our great people."

He identified economic polarisation as the root cause of the social conflicts in the country, pledging to restore economic growth through large-scale investments while helping improve people's livelihoods.

Lee also vowed to pursue foreign policies that prioritise national interests, stressing the importance of the alliance between South Korea and the United States and trilateral cooperation involving Japan.

Officials said he will hold a press conference at the National Assembly on Friday to present his vision for the nation and announce the members of his election campaign.

Lee has been leading in early opinion polls, though he is at the heart of several scandals, including a land development scandal in Seongnam, south of Seoul.

Lee lost the presidential race to Yoon by a thin margin in 2022.

Meanwhile, former President Yoon Suk Yeol is scheduled to leave the presidential residence on Friday at the earliest to return to his private residence in southern Seoul, officials said on Thursday, following his removal from office last week.

"Yoon's departure from the presidential residence is expected within this week," said an official at the presidential office, adding it will be between Friday and Sunday.

The Presidential Security Service (PSS) has reportedly completed organising a private residence security team of about 40 people for Yoon. Under the current law, Yoon can receive protection from the PSS for up to 10 years.

Yoon's private residence is located at the Acrovista apartment complex in Seocho-dong, southern Seoul, and he previously stayed there for six months, even after his presidential inauguration in May 2022.

Yoon and his wife, Kim Keon Hee, are reportedly considering moving to another private residence in the capital area later because they own as many as 11 pet dogs and cats, and the presence of security guards may cause some inconveniences for neighbours.