Presidential Election
On May 10, 2007, Lee officially declared his intention to run for the Grand National Party as its presidential candidate. On August 20, 2007, he defeated Park Geun-hye in the GNP's primary to become its nominee for the 2007 Presidential election. During the primary, Lee was accused of profiting from illegal speculation on land owned in Dogok-dong, an expensive ward in Seoul. However, on August 2007, the prosecutors said in the interim announcement that "We do suspect Lee's brother's claim over the land in Dogok-dong, but have failed to verify the real owner of the asset". On September 28, 2007, the prosecutory authority officially dropped the suspicion that the Dogok land is under a borrowed-name announcing that "We have done all necessary investigations including tracing the proceeds from the sale of the land and call history and now got to the bottom of this case." In December 2007, a few days before the Presidential election, Lee announced that he would donate all of his assets to society.
His stated goals were expressed in the "747 Plan" and included: 7% annual growth in GDP, $40,000 USD per capita, and making Korea the world's seventh largest economy. An important part of his platform was the Grand Korean Waterway (한반도 대운하) project from Busan to Seoul, which he believes will lead to an economic revival. His political opponents criticized that the project was unrealistic and too costly to be realized. Others were concerned of possible negative environmental impact.
Signaling a departure from his previous views on North Korea, Lee announced a plan to "engage" North Korea through investment. Lee promised to form a consultative body with the North to discuss furthering economic ties. The body would have subcommittees on the economy, education, finance, infrastructure and welfare, and a cooperation fund of $40 billion. He promised to seek a Korean Economic Community agreement to establish the legal and systemic framework for any projects emerging from the negotiations. Lee also called for forming an aid office in North Korea as a way of decoupling humanitarian aid from nuclear talks.
His foreign policy initiative was called MB Doctrine, which advocates "engaging" North Korea and strengthening the US-Korean alliance.
Read more about this topic: Lee Myung-bak
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