South Korea’s Lee says he has no intention of seeking second term

South Korean President Lee Jae Myung has affirmed that he has no plans to pursue a second term in office, which is currently prohibited by the country's constitution. At a televised news conference, the Democratic Party leader made it clear that he had no intention of seeking re-election.

Lee previously expressed support for amending the nation's presidential term limits to allow for multiple terms, but emphasized that he would continue to advocate for redistributing the country's political and economic power. Currently, the constitution limits the presidency to a single five-year term, and the incumbent president is barred from any amendment to the presidency.

The president also indicated his desire to move the nation's capital away from Seoul, the country's largest city and current political and economic hub. Lee plans to create a separate economic capital, while establishing a political capital in Sejong, a city located in South Korea's central region approximately 120km (75 miles) south of Seoul.