The founding chair of the so-called “New Reform” party, Lee Jun-seok, and Hope of Korea Party chief Yang Hyang-ja have announced that the two parties will merge.

The party leaders made the announcement at the National Assembly on Wednesday, saying that the decision was made after they found complementary visions and values.

Lee, formerly chief of the People Power Party, said that with the latest merger, the two will pursue joint political activities with a common goal and that working-level discussion will begin.

Lee’s party was officially launched on January 20, while the Hope of Korea Party was launched last August by former Democratic Party(DP) lawmaker Yang.

Along with the merger declaration, Lee and Yang made three policy pledges, including the construction of a high-tech industrial belt to foster high-tech industries, a program to foster talent in the sector and the establishment of a deputy prime minister for science and technology.