New Future Party (South Korea)

The New Future Party (새로운미래, lit. 'New Future') is a South Korean political party formed by a splinter group from the Democratic Party led by former Prime Minister Lee Nak-yon.

History
The party was founded on February 4, 2024. According to the party, Lee Nak-yon and Kim Jong-min will serve as party co-chairs. There were speculations about a potential alliance with Lee Jun-seok’s New Reform Party. On 9 February it was announced that the party, along with New Reform Party, would merge together to create the Reform Party, with the new party being led by Lee Nak-yon and Lee Jun-seok.

On February 20, Lee Nak-yon and the New Future Party announced their withdrawal from the merger with the New Reform Party. Kim Jong-min, an assemblyman close to Lee, also left the party to rejoin the New Future Party.

On March 11, Hong Young-pyo, the member for Incheon Bupyong B in the National Assembly, officially joined the party. An additional two members of the National Assembly; Oh Yeong-hwan and Sul Hoon joined the party on March 17.

Ideology
The party's manifesto said that it will "stand up for centrist reformism". It also said the party "opposes both market fundamentalism and populism".