South Korea s presidential candidates prepare to face off in first debate

SEOUL - South Korea’s presidential candidates will face off in their first TV debate on the evening of May 18 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 last December.

The May 18 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 US President Donald Trump slapped tariffs of 25 per cent 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 candidate and the front runner in the race, has vowed to raise artificial intelligence investment by up to 100 trillion won (S$92.9 billion) and offer a production tax credit of up to 10 per cent for semiconductors manufactured and sold domestically.

Mr Kim Moon-soo, the presidential candidate for the conservative People Power Party, has pledged to create a government agency dedicated to innovating regulations and to invest over 5 per cent of the budget in research and development.

Lee is in the lead with 51 per cent support, according to the latest Gallup Korea poll released on May 16, with Mr Kim trailing far behind at