The Chaebol Returns To The Presidency 1967 [EN]: Chapter 51

Reverting to President from a Conglomerate CEO 1967- Episode 51 (51/225)

51. Change National Treasure No. 1!

Loan review department of the Korea Development Bank.

The Yulsan Group, ranked 10th in the business world, was undergoing a loan review for its general trading company.

The proposal involved exporting cement made from abundant domestic limestone to Vietnam, where reconstruction projects were underway.

The loan officer announced the review results.

“The interest rate is 16%, and 300 million won is possible.”

The Yulsan Group’s general affairs manager, with his slicked-back hair, gold-rimmed glasses, and impeccably tailored suit, jumped up in surprise.

“What? Is something seriously wrong? 16%? Export trading companies usually get 7%. And why are you cutting 200 million won? This has never happened before!”

The officer in charge said curtly.

“You’re talking about ancient history. Cement exports are not considered an innovative product anymore.”

“Innovative?”

“Yulsan didn’t invent cement, did it?”

“Well, no.”

“It’s not a special cement invented by Yulsan, nor a special production method. You’re just planning to dump cement at a lower price than your competitors.”

“That’s called economies of scale in marketing. What kind of innovative products do trading companies even make?”

“That era of volume bombing is over. You can’t get the preferential interest rate of 7% without an innovative product, innovative supply chain, or innovative business model.”

“Sir, where is there a regulation like that?”

“Regulation? The regulation is right here.”

He showed the loan regulations (interest rate classification table) of the Korea Development Bank.

The Yulsan Group’s general affairs manager, sensing the shift in the wind, was desperate.

“We’ve already paid the deposit to the cement factory and received a supply commitment. We can’t ship the cement without the loan.”

“That’s for you to figure out. The Korea Development Bank’s loan guidelines have been changed to focus on innovation, so don’t even think about borrowing money without a technological edge.”

“Oh, Manager!”

* * *

Meanwhile, at the next window, a loan applicant in a worn jumper was receiving loan consultation.

It was Mr. Kim, who ran a bicycle shop.

“This is a puncture-proof bicycle tire.”

He showed the loan consultant a sample of the bicycle tire he had invented.

The consultant carefully examined the sample.

“Isn’t this just a solid rubber block without a tube?”

“That’s right. Existing tires have rubber on the outside and a tube inside, which makes them prone to punctures. But this tire is made of solid rubber. To give it elasticity, I’ve made holes in strategic places to absorb shock, so the ride is excellent.”

“A bicycle tire that doesn’t puncture….”

“I’ll show you a demonstration myself.”

Mr. Kim forcefully stabbed the bicycle tire with an awl.

The consultant was terrified by the loud noise and flying debris, and he put his hand up to protect his face.

Thunk!

“Oh, it really works!”

Even though the awl had pierced through, the elasticity of the bicycle tire remained the same.

“You see. It’s more expensive upfront, but it’s much more economical in the long run because it will never puncture.”

“Amazing. You’re fully qualified for the loan.”

“Thank you.”

“You need to get a patent first, so take this letter of recommendation to the patent office. We’ll help you with everything from drawing up complex diagrams to filing the application, and you’ll also receive consulting on production. Once the funding plan comes out of the consulting, we’ll provide loans in stages according to the process.”

“Thank you so much!”

* * *

Marketing Department of the Korea Development Bank.

Mr. Nam, the owner of the rat skin factory that the President visited, was receiving consulting with his rat skin fur hat products in front of him.

A Ministry of Commerce and Industry official had visited and advised him to apply for innovation enterprise funds, so he applied for innovation consultation for his rat skin products.

The innovation officer advised.

“First, you need a brand.”

“What is a brand?”

“It’s a fashion brand trademark like Chanel or Gucci.”

“Hey, those products are real alligator leather or mink. This is just rat skin, so do we need such a fancy brand name?”

“If you go out without a brand, you’ll end up as a street vendor in Dokkaebi Market [a night market]. If you put on a brand, hire a fashion expert, and export it by highlighting the brand’s unique characteristics, you can command 10 times, no, more than 100 times the price.”

“100 times?”

“The goal isn’t to produce a lot, it’s to make a lot of money, right, Mr. President?”

“That’s right.”

“Even Chanel becomes just another piece of clothing from Namdaemun [a large traditional market in Seoul] if you take off the brand label. Even if you sell only one, you have to make it luxurious to create high fashion added value. That’s the power of a brand.”

“Ah, I see.”

They provided extensive brand education to consumer goods such as clothing and shoes that had no brand concept.

And they formed alliances with famous overseas brands to create opportunities to appear on prestigious fashion show stages.

The tourism business also received support as an innovative business.

Existing tourism was all about *gisaeng* [female entertainers] tourism centered on attracting foreigners to *Yojung* [Korean-style restaurants with entertainment] and shopping in Myeongdong [a popular shopping district in Seoul].

However, this new tourism product focused on creating tourism courses that introduce Korea’s historical sites, cultural assets, and lifestyles to promote a deeper understanding of Korea.

The Ministry of Culture also began developing and improving tourism courses suitable for innovative tourism businesses.

* * *

Meanwhile, the President ordered professors in electrical and electronic engineering departments to develop transistor electronic products such as radios and TVs.

They disassembled pocket-sized portable transistors and high-performance TVs from Sony of Japan and began developing small household appliances.

The product that the President specifically suggested was the Walkman.

He knew that Japan had dominated the world with its focus on miniaturization during Wang’s era, with the Walkman in the 70s, film cameras in the 80s, and video games in the 90s, so he was trying to get ahead of the curve.

With the patent law revisions completed, the President registered all the technologies he had brought from the future as patents.

The export-oriented policy was abolished, and innovation enterprise policies that strengthened technology patents and financial support were launched.

Instead of the era of *chaebols* [large family-owned conglomerates] growing in size, innovative companies with technological innovation began to emerge one by one.

* * *

The National Museum of Korea in Deoksugung Palace.

The Ministry of Culture and the Ministry of Public Information were merged and renamed the Ministry of Culture and Public Information.

To commemorate this, the President visited the National Museum with the Minister of Culture and Public Information.

It was the first day to showcase a special artifact.

Chairman Lee Byung-sul, the founder of the Samson Group, was also present.

The President said.

“Chairman Lee, thank you for the donation.”

“You flatter me. It is a waste for an individual to own treasures of national value.”

The treasure he donated was the Goryeong Gold Crown of the Daegaya Kingdom (National Treasure No. 138).

However, the Goryeong Gold Crown was originally a stolen item.

In 1963, a group of tomb robbers who illegally excavated the so-called ‘Paljanggun Tomb’ in Yuga-myeon, Hyeonpung-eup, Daegu, were apprehended by the police.

In the infamous tomb robbery case known as the ‘Hyeonpung Tomb Robbery Incident,’ they stole over 400 tomb artifacts over two years, like taking dried persimmons one by one.

The tomb robbers revealed that they had indiscriminately robbed tombs in Goryeong and Seongju.

The arrested criminals confessed to an astonishing fact.

In October 1961, they unearthed a pure gold crown of the Daegaya Kingdom in Jisan-dong, Goryeong, the center of Daegaya.

They sold it to Lee Byung-sul, chairman of the Samson Group, for 1.1 million won through a fence in Seoul.

This gold crown was the first gold crown found in our land after liberation, so the tomb robbery case was heavily reported in the media.

The main criminals were convicted and punished, but Chairman Lee, who bought the artifacts, was judged to have acquired them in good faith and his ownership was recognized.

In fact, the Daegaya tomb robbery in Goryeong was first committed by the Japanese.

Japan was keen to excavate the Gaya ruins to find evidence in the Nihon Shoki [The Chronicles of Japan] that Yamato Wae [an ancient name for Japan] ruled the southern part of the Korean Peninsula in the 4th to 6th centuries, and they excavated the Goryeong Jisan-dong ancient tombs.

At this time, Takenosuke Ogura, notorious as a collector of stolen cultural properties, illegally took out the Gaya gold crown (Changnyeong Gold Crown) and donated it to the Tokyo National Museum.

The first order the President gave to the new Minister of Culture and Public Information was to donate the Daegaya gold crown owned by Chairman Lee.

Although his ownership was recognized, Chairman Lee donated it without saying a word when he was told that it was of interest to the President.

“Minister, there is something else we need to correct about our cultural properties.”

“Your Excellency, what cultural property are you referring to?”

* * *

Sungnyemun Gate (Namdaemun Gate).

The President toured Sungnyemun Gate with the Minister of Culture and the members of the Cultural Heritage Committee.

The President asked the Minister.

“Why is Sungnyemun Gate National Treasure No. 1?”

“Well, it’s the gateway to Hanyang [old name for Seoul] and a symbol of Joseon [Korean dynasty]….”

The President interrupted the Minister and asked again.

“Why is Dongdaemun Gate Treasure No. 1?”

“…….”

“Why is Poseokjeong [a royal garden with a winding waterway] in Gyeongju Historic Site No. 1?”

“…….”

Silence fell.

The President answered himself.

“Isn’t it just that we accepted what the Japanese decided without any critical awareness?”

In 1933, the Japanese Government-General of Korea conducted a full-scale survey of Korean cultural properties and promulgated the ‘Preservation Order for Korean Treasures, Ancient Sites, Scenic Spots, and Natural Monuments.’

And they designated Namdaemun Gate as Treasure No. 1, Dongdaemun Gate as Treasure No. 2, and Poseokjeong as Historic Site No. 1.

Colonial Joseon could not own national treasures, so they were designated as treasures.

After liberation, the Cultural Heritage Protection Act was enacted and promulgated in 1962, and at this time, the administration of the Japanese colonial period was inherited as it was, and Treasure No. 1 became National Treasure No. 1, Treasure No. 2 became Treasure No. 1, and Historic Site No. 1 became Historic Site No. 1, with only the names changed.

The reason why the Japanese designated Namdaemun and Dongdaemun Gates as Treasures No. 1 and 2 is simple.

It is because the army of ‘Kiyomasa Kato’ passed through Sungnyemun Gate and entered Hanyang during the Imjin War [Japanese invasions of Korea, 1592-1598], and the army of ‘Yukinaga Konishi’ passed through Heunginjimun Gate and entered Hanyang.

In other words, it is a relic that showcases Japan’s conquest of Joseon.

The designation of Poseokjeong as a historic site also reflects Japan’s intentions.

By designating Poseokjeong as a historic site, Japan distorted its original function and emphasized the aspect that the successive kings of Joseon indulged in pleasure even when the country was in crisis, leading to their self-destruction.

In other words, it was to emphasize the fact that such incompetent Joseon people deserved to be colonized.

In the 21st century, they ended with a clumsy administrative measure, saying that it was just a designated order number, eliminating the number and simply calling it ‘National Treasure Sungnyemun.’

The aim was to fundamentally correct this.

The President exclaimed.

“The national treasure, treasure, and historic site No. 1 of a country should symbolize the identity of that country, but what is this?”

“I am sorry, Your Excellency!”

“Let’s gather the opinions of the people and listen to the views of historians to delist and newly designate at least Nos. 1-3.”

“I understand, Your Excellency!”

The Ministry of Culture extensively asked the public for their opinions on National Treasure No. 1.

The Minister of Culture reported the results of the collection.

“As a result of collecting the opinions of scholars and the public, it was decided that National Treasure No. 1 would be Hangeul (Hunminjeongeum) [the Korean alphabet], National Treasure No. 2 would be metal type, and National Treasure No. 3 would be the Turtle Ship.”

The reason was that Hangeul (Hunminjeongeum) is the only script on Earth whose enactment process is revealed, is the most rational, and reveals the identity of the Republic of Korea.

The reason for metal type was that it was the world’s first to utilize metal printing technology, simultaneously proving the excellence of the Korean people’s culture and the excellence of science with advanced metal metallurgy that does not break the type.

The reason for the Turtle Ship was that although there are no relics, it can be sufficiently proven through literature, and it is the world’s first ironclad ship that was active in actual combat and a relic imbued with Yi Sun-sin’s [a famous Korean admiral] will to protect the country.

Treasure No. 1 was re-designated as Suwon Hwaseong Fortress.

The President was pleased.

“It’s an excellent result. Widely publicize the results to the public and develop and utilize them as a tourist course.”

“I will keep that in mind, Your Excellency!”

The Ministry of Culture broadcast a grand celebratory cultural performance for the re-designation of national treasures live on TV at the Jangchung Gymnasium with the President in attendance.