Park Geun-hye announces her presidential bid in Time Square in Yeongdeungpo, Seoul on Tuesday.

Ruling Saenuri Party lawmaker Park Geun-hye finally announced her official bid for the presidency on Tuesday.

Park, a former party leader and daughter of president Park Chung-hee, laid out a program of job creation, boosting welfare, and more equitable wealth distribution.

"I will devote everything to making Korea a country where everybody can achieve their dreams," Park told reporters in front of a shopping mall in Seoul.

This is Park's second presidential bid after losing to Lee Myung-bak in the party nomination in 2007.