SEOUL: South Korea’s presidential candidates will face off in their first TV debate on Sunday evening ahead of a snap election on June 3 to choose a successor to former President Yoon Suk Yeol, who was impeached over his short-lived martial law declaration in December.
Sunday’s debate, the first of three TV debates scheduled over the next two weeks, will focus on how to revitalise the struggling economy, one of the hot-button election issues. Asia’s fourth-largest economy contracted in the first quarter as exports and consumption stalled amid fears over the impact of Washington’s aggressive tariffs and political turmoil at home.
South Korea has begun trade talks with the United States and is seeking a waiver from the tariffs. After U.S. President Donald Trump slapped 25% tariffs on South Korea in April, Seoul was one of the first countries to hold face-to-face talks with Washington, following in the footsteps of Japan.
Lee Jae-myung, the main opposition Democratic Party’s candidate and the frontrunner in the race, has vowed to raise artificial intelligence investment up to 100 trillion won ($71.52 billion) and offer a production tax credit of up to 10% for semiconductors manufactured and sold domestically.
Kim Moon-soo, the presidential candidate for the conservative People Power Party, has pledged to create a government agency dedicated to innovating regulations and invest over 5% of the budget in research and development.
Lee holds a lead with 51% support in the latest Gallup Korea poll released on Friday, with Kim trailing far behind at 29%.
Former President Yoon was ousted last month over his short-lived imposition of martial law on December 3, stoking political turmoil and triggering the election.
Lee called earlier in the day for constitutional reform to allow a four-year, two-term presidency and a two-round system for presidential elections through a referendum.
South Korean presidents currently serve a single five-year term.
He also vowed to curb the presidential right to declare martial law and hold to account those responsible for the December 3 martial law declaration.
“We must gather the people’s strength to root (them) out and strictly hold (them) accountable,“ he told a press briefing.
($1 = 1,398.1200 won)
