Opposition leader struggles to win over moderates with economic pitches

Rep. Lee Jae-myung faces pressure to clear doubts on authenticity, consistency

By Kwak Yeon-soo

Rep. Lee Jae-myung, leader of the main opposition Democratic Party of Korea, is struggling to win over moderate voters with his economic proposals as skepticism increases over his authenticity and true intentions.

Following his New Year press conference, where he suggested that “South Korea's economy must be driven by the private sector,” Lee has been trying to build a pro-business image ahead of a possible snap election if the Constitutional Court upholds the National Assembly’s impeachment of President Yoon Suk Yeol.

But Lee's economic proposals have faced scrutiny, with critics questioning their financial viability and potential impact on the national debt. Observers also warn that without clear strategies to balance spending and revenue, these initiatives could threaten economic stability.

Lee visited the southern port city of Busan, a conservative stronghold, on Thursday to meet with Busan Mayor Park Heong-joon and discuss ways to establish an Arctic route along the Northern Sea Route, a major sea lane along Russia's north coast, calling it the "most pressing and important" issue.

“The Busan Metropolitan Government, the DPK and the central government should work together to pioneer the Northern Sea Route," Lee said. "In particular, the southern coastal industrial belt is in crisis as steel and petrochemical industries are losing ground to China. Creating new opportunities and finding solutions has become an urgent task."

Lee, who remains a heavy favorite to win the next presidential election, projected that a trip along the NSR will be about one-third shorter than via the Suez Canal and said transportation costs will likely be reduced by more than 30 percent compared to traditional routes.

Predicting the shipping route to become active around 2030, he said, “The U.S.-Russia relationship is expected to improve rapidly. The Russia-North Korea alliance could undergo significant changes in the future. South Korea is located in the middle of the NSR, and the southeastern coasts of Korea will inevitably become important ports.”

However, Park, a member of the ruling People Power Party, urged Lee to focus on other issues, such as relocating the state-run Korea Development Bank headquarters from Seoul to Busan and passing a special bill to develop Busan into a global hub city. While he acknowledged the importance of developing the NSR, he emphasized that it is not urgent.

On Wednesday, Lee sat down with the Federation of Korean Industries Chairman Ryu Jin at the National Assembly — the first such meeting since September 2015 between a liberal party leader and FKI chairman. The party has avoided meeting the federation, citing the lobby group’s connection with a corruption scandal that unfolded in 2016 and 2017 involving former President Park Geun-hye.

However, the two sides failed to narrow differences over exempting semiconductor researchers from the 52-workweek cap and revising the Commercial Act.

Lee is also expected to meet with Samsung Electronics Executive Chairman Lee Jae-yong on March 20 to discuss supporting youth employment. The K-Chips Act and U.S. President Donald Trump’s tariff policy may be on the agenda, according to people familiar with the matter.

“Lee has been swinging to the right and rolling out policies to give an impression that he is well-prepared to become the next president,” said Eom Kyeong-young, director of the Zeitgeist Institute.

“Although his actions may have a considerable effect in wooing moderate supporters, the problem is whether his actions will align with his words in the future. He needs to stick by his words because consistency matters in politics."

The PPP accused Lee of staging a “political stunt.”

"Lee’s visit to Busan leaves us wondering, ‘Why now?’ It seems like nothing more than a shallow political stunt, with an early presidential election in mind,” PPP lawmakers elected in Busan said in a joint statement.