Former Prime Minister Chung Sye-kyun on Thursday announced his intention to run for president next year, promising to become a leader to build a strong economy and stamp out inequality.

Chung launched his bid for the nomination of the ruling Democratic Party (DP) under the slogan of "Strong Korea, Economic President."

"I will be an economic president of a strong Republic of Korea, who fights all inequalities," he said during an event in Seoul to kick off his candidacy.

"If I can heal wounds of the people and eradicate all gaps caused by unfairness and inequality, I am willing to devote all my life lived and the rest of my life," he said.

He will face an uphill battle to win the DP ticket, as he comes in a distant third among DP hopefuls after Gyeonggi Province Gov. Lee Jae-myung and former Prime Minister Lee Nak-yon.

Chung, 70, considered a moderate, was appointed prime minister in January 2020 and led the nation's response to the coronavirus pandemic. He resigned in April to prepare to run in the presidential election to be held in March next year.

The businessman-turned-politician was a parliamentary speaker during the impeachment of former President Park Geun-hye in 2017 over a massive corruption scandal. (Yonhap)