Chung Mong-joon Founds New Party in S. Korea

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Last updated at: (Beijing Time) Wednesday, November 06, 2002

Chung Mong-joon Founds New Party in S. Korea

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With just six weeks away from the December presidential election in South Korea, Chung Mong-joon, son of the late Hyundai founder Chung Ju-yung and the largest shareholder of Hyundai Heavy Industries, launched his own party on Tuesday for his presidential bid.

The "National Unity 21" held an inauguration rally in Daejeon and delegates to the inaugural convention unanimously nominated Chung Mong-joon as its presidential candidate and party chairman.

"The transfer of power without political reform would lead to a vicious circle of political retaliation," Rep. Chung declared in his acceptaqnce speech.

He said his party was created not just for the upcoming presidential election but for political reform in the 21st century.

In Tuesday's rally, the new party adopted a collective leadership system, its platform and the party charter.

Party officials said the number of enrolled members totals 10,000, including 11 former lawmakers, seven former minister-level officials and 14 retired generals, as well as some famous entertainers and leading figures in various walks of life.

In its "Letter to the People," adopted at the end of the convention, the party members declared that they would produce "President Chung Mong-joon so that he could spearhead economic, cultural and scientific World Cup as a sales president."

Chung, 51, a FIFA vice president who played a leading role in the country's successful co-hosting of the World Cup finals in June, said he would become a young head of state to open a new era in politics.

The business tycoon proposed peaceful coexistence with North Korea, the establishment of a Korean-style economic system and the introduction of a quota system for women in key posts of the administration as guidelines for managing state affairs.

Source: Agencies

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