Leading conservative figure and three-time presidential candidate Rep. Lee Hoi-chang of the minority conservative Liberty Forward Party announced he will not contest the next election.

“I am fully responsible for failing to provide protective measures for our local industries,” said Lee in a press conference on Monday.

“In order to take responsibility and display my sincerity to the agricultural and stockbreeding societies, as well as small-sized industries, I shall not enter candidacy in the 19th general election.”

But he made it clear that giving up his seat did not mean political retirement.

Lee also spoke in favor of the ruling camp regarding ratification of the U.S.-Korea FTA, going against the LFP’s official stance.

“As an immediate renegotiation is out of the question at this point in time, parties should first ratify the given processes and then support the government in providing supplementary measures,” said Lee.

He also blamed the main opposition Democratic Party for being preoccupied with the political battle over the Investor-State Disputes settlement and thus neglecting actual protective measures for local industries.

Despite his direct reference to the trade deal, however, his move is largely considered to be related to the presidential race scheduled for next November.

Lee, though he was listed as the top presidential hopeful in the past, lost to his liberal counterparts Kim Dae-jung and Roh Moo-hyun in the 1997 and 2002 races.

After losing to Lee Myung-bak in the 2007 race, in which he ran as an independent candidate, Lee created the LFP and has largely remained in the outer circles.

He, however, has recently been rumored to give one more try to the presidency, especially after he resigned from the party’s chairmanship in May.

Speculation varies on whether he will represent the LFP or join the potential new conservative party, involving Park Se-il, president of the non-profit think tank Hansun Foundation.

By Bae Hyun-jung (tellme@heraldcorp.com)