Former DP Chairman Lee Jae-myung announces presidential candidacy in video message

Former Democratic Party leader Lee Jae-myung who stepped down on Wednesday has announced his third run for the nation's top office.

In a video message on Thursday, Lee pledged dedication to the people in a new vision dubbed "K-Initiative" that highlights Korea's ability to turn crisis into opportunity.

He is expected to elaborate on this vision at the parliament on Friday.

Other DP candidates are former lawmaker Kim Du-kwan and Governor of Gyeonggi-do Province Kim Dong-yeon who earlier declared their intentions to run in the race.

Meanwhile, the opposition party has tapped Park Beom-kye , a four-term lawmaker, as its election committee chair and yet has to announce its partisan primary election plan.