The Chaebol Returns To The Presidency 1967 [EN]: Chapter 213

213. A Fish in Water

The President surveyed the office.

The CEO’s office featured a world map displaying investment amounts and daily return rates for each country.

Recently, 37% of the fund had been heavily invested in North Korean development.

“The rate of return on North Korean investments is low,” the President observed.

President-elect Jung replied, “The short-term returns are low, but they will improve in the long term.”

“I know you invested in the fund, which seeks the best profits, with a public spirit. I’ll have to seek understanding from subscribers and shareholders for the drop in returns.”

“The fund company is solely responsible for investment decisions, so there is no obligation to explain, but we have already announced portfolio changes and a forecast of declining returns.”

“Doesn’t the low rate of return cause customers to leave?”

The President, worried about the rate of return, already had the mindset of a fund manager.

President-elect Jung replied, “Still, the annual rate of return is more than 4% higher than other funds, so they won’t switch easily.”

“You’ve invested just enough to keep customers from leaving.”

“That’s right.”

President-elect Jung had been reporting on the status of the National Wealth Fund and the Tiger Fund to the President from time to time, so he was well aware of its direction.

The President asked what he was most curious about.

“As the saying goes, ‘seeing money makes you greedy.’ Financial accidents can occur within the company when handling large sums of money. How are you preparing for this?”

“We have deployed surveillance personnel at a rate of one for every ten employees to monitor 24 hours a day. There is also a secret inspection team that monitors the surveillance team, so we are double-checking.”

“It’s not enough to just wield the stick; you need a carrot too.”

“We are providing sufficient performance incentives.”

“Are the incentives paid in money?”

“Yes.”

“No one dislikes money, but if everything is compensated with money, it becomes dehumanizing and mechanical.”

“That’s a drawback. It’s becoming more and more like a game, proportional to the rate of return.”

“Instead of reducing year-end cash bonuses, how about approaching it from the perspective of employee welfare?”

“Welfare? I don’t quite understand, Your Excellency.”

“Married employees have families, so how about giving houses to those who don’t own homes, paying for hospital bills for family members who are ill, or supporting the tuition fees of grown-up children? What do you think of a welfare incentive system that takes care of and solves the lives of employees?”

“Ah, there was such a way!”

The directors also nodded.

“Your Excellency, that seems like a wise approach. If the company only thinks of money, there will be no sense of belonging. Even if you spend the same amount of money, you need to strike a balance between competition and welfare to create a company where people want to stay for a long time.”

“Since you all agree, I will make it my first pledge when I become president.”

That day, he drank soju [Korean distilled rice liquor] with the directors until dawn, strengthening their friendship.

*

Jangchung Gymnasium.

The founding convention of the new party was being held.

After naming the party the Democratic Progress Party and receiving membership applications, 2/3 of the National Assembly members from the existing ruling and opposition parties submitted their applications.

Only half of the prospective members who were well-regarded by the public were accepted.

Out of 300 seats in the National Assembly, they held 120 seats.

The existing parties split and shrank into second, third, and minor parties, while the Democratic Progress Party suddenly emerged as the leading party.

With President-elect Jung in attendance, the newly elected president made an acceptance speech.

The president was the former Prime Minister of the existing government, and one of the two vice-presidents was from North Korea.

“We will do our best to support the successful administration of the President-elect!”

Clap! Clap! Clap!

*

Gwanghwamun.

A temporary arch structure read, ‘Congratulations on the Inauguration of the 8th President Jung Joo-hyun.’

The crowd that started in Gwanghwamun filled Jongno, Euljiro, Toegye-ro, Namdaemun, and Seoul Station.

Even though the North limited the number of participants to 5,000, it was crowded with people who came from the provinces on their own.

It was an expression of longing and expectation for a unified president.

♬ Kungjjak Kungjjak Kungjjajajak! [Onomatopoeia for traditional Korean music rhythm]

The military band marched with the escort of traffic police.

On a makeshift stage next to the inauguration venue, popular singers performed as pre-ceremony cultural events, entertaining the welcomers.

Namjin unbuttoned his shirt and sang passionately.

♬ If I’m with you, I want to live for a hundred years~

The VIP seats were packed with congratulatory delegations from over 100 countries.

With the exception of communist countries, major figures such as presidents, deputy prime ministers, prime ministers, deputy prime ministers, special envoys, and foreign ministers attended.

Each country was busy sending diplomatic envoys to make an impression, not just as a formality, but to seek or expand the development of relations with Korea.

From a week ago, the Ministry of Foreign Affairs and Trade was busy scheduling and interviewing them.

The emcee shouted.

“The first Unification President and the 8th President, President Jung Joo-hyun, is entering! Please welcome him with enthusiastic applause!”

Of course, former President Park Jung-woong and Jang Sung-taek also attended and applauded President Jung Joo-hyun’s entrance.

Clap! Clap! Clap!

The President of the United States, the Prime Minister of Japan, and the President of Taiwan were seated close to the President.

Next was the meal.

Usually, the Prime Minister of the previous government would come out and give a speech, but this time, the former President directly read the congratulatory speech.

“I sincerely congratulate President Jung Joo-hyun, who was elected with the overwhelming support of the people. The armistice line unification has been achieved, but the complete unification of the South and North Korean people is just beginning. I have no doubt that you will fully demonstrate your ability to excellently support the nation’s finances from the shadows and contribute to improving national income. Once again, I sincerely congratulate you on standing tall as the light of the 50 million Koreans, representing the people!”

Clap! Clap! Clap!

The new president, wearing a tailcoat, took the presidential oath of office.

He read the oath based on Article 69 of the Constitution of the Republic of Korea.

The choir’s congratulatory song rang out, and 21 gun salutes were fired.

Bang! Bang!

It was the new president’s inaugural address.

The new president walked to the podium.

A million citizens were looking at him.

Before the regression, the inaugural address was long, but this time it was simple.

He knew very well that making it long would not be remembered by anyone, and would only be self-indulgence that would later be used by political enemies to nitpick.

He read the 10 pledges and said.

“I will faithfully implement these 10 pledges and quickly reflect the mission that fits the spirit of the times and the aspirations of the people!”

The dignitaries and the audience cheered and applauded.

“However, I will be wary of populism that is ‘only for the people,’ and I believe that it is the destiny of a leader to implement unpopular policies so that future generations can live a better life!”

Clap! Clap! Clap!

The inauguration ceremony ended with the President inspecting the honor guards of each military branch.

Celebratory stages continued all night in major cities and broadcasting stations, broadcasting live.

*

The Presidential Office.

The President was reviewing approval documents in his office.

“Chief of Staff.”

“Yes, Your Excellency!”

“Please instruct them to process this person urgently, ahead of the appointments of ministers and vice-ministers.”

“Yes, Your Excellency!”

The President’s first approval was the appointment of the president of the vacant National Wealth Fund.

The President formally appointed Jung Joo-hyun, the former president, as his successor.

*

The security and secretarial staff were drinking coffee after lunch and talking about the new president.

About 1/3 of the staff were holdovers, so they compared him to the former president they had served.

“This Excellency is like someone who has served three or four terms. He has no experience as a bureaucrat, and he’s like a freshman politician, but he knows the procedures better than I do, and he even suggests methods, and it’s all done in a flash.”

“I know, right? The amount of work he processes in a day is like three days’ worth! It hasn’t been a few days, but I already have calluses on my feet.”

“It’s not just that he works fast, he does it skillfully. Did he go to some kind of presidential cram school?”

The school the President went to was not a presidential school, but an acting school.

“Is it because he managed a large corporation? It’s a complete blitzkrieg!”

“No matter how much he comes from a large corporation, administration and business are clearly different. To push forward without a training period is breathtaking.”

“Sigh~ I’ve come to serve a terrible workaholic.”

“Oh my, I can see the road to hardship ahead, tsk!”

“I was happy to be retained, but I never thought I’d be so envious of the retirees!”

“Tsk, why is the coffee so bitter?”

*

Gaeseong.

Official posters of National Assembly election candidates were posted on government office walls, and residents gathered in groups of twos and threes in front of them, talking.

But the topic was not about the evaluation of the candidates.

“There are three candidates?”

“Why are several people running?”

“We’re supposed to do what the party tells us to do, so what are we supposed to choose based on?”

In South Korea, there were usually six or seven candidates in one district, but in North Korea, half of the candidates ran alone, and the rest had a maximum of three.

For North Korean residents, who had only had single candidates so far, the competition between several people was itself a novelty, as voting was just a formality.

“There’s no need to complicate things! Chairman Jang’s Democratic Progress Party is number 1, so just vote for number 1!”

“Ah, that’s how it’s done!”

*

Gaeseong, Industrial Development Department Building.

In order to promote balanced development across the country, the administrative departments concentrated in Seoul were being gradually dispersed to the rest of the country, and the first department to be relocated to North Korea, which was undergoing reconstruction and development, was the Industrial Development Department.

The head of development was the Minister, but the real power was elsewhere.

Following President Jung, President Park Jung-woong was virtually leading the development of North Korea.

Since he oversaw the budgets of domestic and foreign funds, his power was overwhelming compared to the administrative departments.

Moreover, President Park was a legend who led the domestic construction, civil engineering, plant, and heavy chemical industries before the regression.

He pointed out the progress of the construction while looking at the map in front of officials and staff.

“Why are you digging the tunnel from only one direction? If you dig facing each other from both directions, the construction period will be reduced by half.”

“We don’t have enough tunnel excavators, President.”

“Is it difficult to find people, or is it difficult to buy equipment?”

“…….”

“In civil engineering, the more the construction period increases, the more variables there are, and the additional costs increase exponentially. Equipment is cheaper. Moreover, the shorter the construction period due to mechanization, the safer the construction becomes.”

“…….”

“Besides, the equipment remains intact. From now on, let’s reduce human-wave tactics and mechanize! Increase the equipment budget more!”

“Yes, I understand, President!”

“And start construction on several tunnels at the same time. Tunnel construction is what determines the construction period of road construction. Let’s request 10 times more tunnel excavators than now and shorten the time to 1/5!”

“Yes, I understand, President!”

President Park pushed for mechanization with a generous amount of money.

He knew better than anyone that the mechanization of construction would not only shorten the construction period but also reduce safety accidents and ultimately lead to cost savings.