The Chaebol Returns To The Presidency 1967 [EN]: Chapter 70

70. The Birth of Yuldo

After Kennedy concluded his visit to Korea and Japan, the Okinawa government immediately initiated elections.

The UN dispatched an election monitoring team to oversee the process.

Long lines formed in front of polling stations, as media from various countries competed to cover the birth of the new nation.

“This is Okinawa’s First Electoral District. Many citizens have come out to directly decide Okinawa’s fate, and the enthusiasm for voting is palpable. The election commission forecasts that the voter turnout will exceed 80%.”

The next day at dawn, the election results were announced.

The chairman of the election commission announced the vote count.

“With 78.8% in favor, 19.2% against, and 2% invalid, I declare the separation and independence proposal passed!”

Across Okinawa, residents took to the streets, honking horns, waving handmade flags, and celebrating the launch of their nation.

The Okinawa government decided on the name ‘Yuldo’ for the nation, elected representatives, and began amending the constitution, focusing on a cabinet system.

* * *

The Blue House [the executive office and official residence of the South Korean president].

The President was meeting with the Chairman of Exxon and Representative Teruya.

Representative Teruya was the leading candidate for the first Prime Minister.

A large continental shelf map hung before them.

The President pointed to the map, explaining.

“Even applying the 200 nautical mile law, Block 7 is completely incorporated into the maritime territory of Korea and Yuldo.”

The Chairman of Exxon asked Teruya.

“Does Yuldo agree to drilling?”

Representative Teruya said.

“We fully welcome the 1:5:5 contract [a proposed agreement where profits are split with Korea receiving 50%, Exxon 50%, and Yuldo 10%]. This is the official position of our parliament. Once the Yuldo government is established, we can hold an international agreement signing ceremony.”

“After compiling the exploration results, it will take at least four years to determine the drilling points and begin extraction.”

In four years, Korea would become an oil-producing country, possessing the second-largest oil field after Saudi Arabia, surpassing the United States and the Soviet Union.

This coincided perfectly with the timing of the oil shock.

* * *

The White House.

The Yuldo flag and the Stars and Stripes hung side by side.

Before the eyes of the world’s media, Yuldo’s Prime Minister Teruya and Kennedy shook hands.

“Congratulations on the founding of your nation, Prime Minister Teruya!”

“Thank you, Mr. President. America’s help was significant. As a strategic partner with the United States, we will contribute to regional peace.”

“The withdrawal of US troops and nuclear weapons has begun. As promised, Korean troops will be stationed here.”

“Thank you. Our people are overjoyed that their long-cherished wish has been fulfilled.”

The two countries signed the Yuldo-US Mutual Security Treaty.

* * *

Gwanghwamun [a major intersection and historical landmark in Seoul].

The Yuldo flag and the Taegeukgi [the South Korean national flag] were hung side by side at Gwanghwamun intersection.

The scene of 12 Yuldo cabinet members parading in a motorcade was being broadcast live.

Wow! Wow!

The citizens along the route enthusiastically welcomed them.

The three-day, two-night schedule was reported moment by moment.

The leaders of both countries broadly discussed exchanges in security, economy, education, tourism, and other fields.

They agreed to establish embassies and grant visa-free entry to each other’s citizens, treating them as nationals.

Meanwhile, discussions between Korea and the US on whether to establish a US 7th Fleet base in Jeju Island began in earnest.

Of course, China and Japan issued statements of opposition, convulsing in protest.

Japan, which had been rapidly growing, began to see its growth rate falter.

Overseas investment funds began to pour into Korea.

The Yuldo government cautiously began discussing incorporation into Korea.

The three countries, Korea, Yuldo, and the US, formally signed the Block 7 development agreement.

Exxon would be responsible for exploration and drilling, and the extracted oil would be stored via undersea pipeline at the Yeosu chemical complex in Korea, with Korea, Exxon, and Yuldo dividing the profits at a ratio of 5:5:1.

The Block 7 oil field development gained momentum.

But if food looks appetizing, flies are bound to swarm.

Unsavory characters began to appear.

* * *

The President toured the provinces.

The Honam Plain [a major agricultural region in southwestern Korea].

The President, wearing a straw hat and rolling up his pants, was planting rice seedlings in a paddy field.

The Minister of Agriculture, the Provincial Governor, the County Mayor, the Township Head, and the Cooperative Chairman were also wading in the paddy field.

In the past, they would have had to mark the rows and plant each seedling by hand, but now, the newly introduced rice transplanter was doing the work.

The President personally took the rice transplanter and demonstrated its operation.

Tuktuktuktu~l

Young seedlings were planted in a row on the paddy field from the seedling tray mounted on top.

The farmers, who were watching the rice transplanter with fascination, applauded.

Clap! Clap! Clap!

Makgeolli [Korean rice wine] and noodles were served, along with samgyetang [ginseng chicken soup], a special dish prepared by the Blue House.

The President wiped the sweat from his brow and said to the Minister.

“The reason young people leave the countryside for the city is because farming is hard, the pay is low, and the social infrastructure is poor.”

“That’s right, Your Excellency.”

“Distribute farming equipment such as cultivators, tractors, and rice transplanters, and establish a five-year plan for agricultural mechanization. Replace labor with machines.”

“Yes, Your Excellency!”

“It would be too burdensome for individual farmers to purchase farming equipment. It’s also inefficient. So, create agricultural mechanization agencies in appropriate regional units.”

“…”

“Equip them with farming equipment and have them plow, plant, and even harvest the fields of farmers who want it.”

“Ah, an agricultural cooperative! Then the farmers’ workload will be greatly reduced, Your Excellency!”

“The government and the farmers should each bear half of the agency costs.”

“Yes, Your Excellency!”

The Minister diligently wrote in his notebook.

The President, removing a leech attached to his leg, said.

“And establish health centers in each region to eliminate medical gaps. We will implement medical insurance starting from rural areas.”

“Yes!”

“And move away from rice-centered cultivation to high-income horticulture, vegetables, and specialty crops, and develop local specialties to create one specialty product per region.”

“Yes, I understand, Your Excellency!”

“Cooperative Chairman!”

“Yes, Your Excellency!”

“Don’t just lend money to farmers, but set up wholesale markets to create a distribution structure where farmers can directly ship their agricultural products. Don’t just think about sending agricultural products to Seoul, but find ways to consume them within the province as tourist specialty products. Make it so that you can only taste them if you go to that region.”

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

“We will arrange for local specialty products to be sold in highway rest areas and train stations, so please use them a lot.”

“Yes, Your Excellency!”

“It would be effective to create a TV program introducing the specialties of each region and promote them. Let’s discuss it with the Minister of Public Information.”

“I understand, Your Excellency!”

A glass was filled with milky makgeolli.

The President clinked glasses of makgeolli with the farmers.

“Come on, let’s have a drink~”

“Cheers~”

“Ah~ Makgeolli drunk after sweating is honey sweet.”

The President picked up a piece of chonggak kimchi [a type of Korean kimchi made with small radishes] and chewed it.

* * *

Kennedy Space Center, Florida, USA.

The Kennedy Space Center was originally an artificial space launch site created by reclaiming swampland.

Alligators still swarmed around the area.

The reason for building the space center in such an out-of-the-way location was that it was close to the equator, but also to intercept nuclear missiles flying from Cuba to the US mainland during the Cuban Missile Crisis.

The sharp, pencil-shaped Apollo 11 stood tall, waiting for the launch countdown.

President Kennedy and the Korean President were watching from afar. The Korean President had brought Chairman Jung.

He had accompanied him because he had always regretted not seeing the launch of Apollo 11 in person.

In fact, the reason was more about transplanting the space industry to Korea early.

Hyunse had decided to foster the aerospace industry instead of giving up on automobiles.

The Soviet Union was one step ahead in the space race. The first artificial satellite and the first human in space were both Soviet.

Stimulated by this, in 1961, President John F. Kennedy declared in a speech to Congress that he would “land a man on the moon and return him safely within ten years.”

The National Aeronautics and Space Administration (NASA) was established and invested an astronomical sum of about $25 billion (equivalent to 100 trillion won today), overcoming several failures to reach this day.

Robert Kennedy was deeply moved to reap the rewards of his brother John F. Kennedy’s bold investment.

But President Kennedy was quite nervous.

The Korean President knew it would succeed, but Kennedy had received reports that the probability of failure was higher.

The Korean President reassured President Kennedy.

“Don’t worry too much. It will definitely succeed today.”

“Yes, thank you for the kind words. But I have an elegy in my inside pocket. They say the launch is okay, but the return will be difficult.”

“Well, prepare a congratulatory speech too. I’ll bet $100 on success.”

“$100… All right. I’ll bet against it.”

The Apollo 11’s grand journey was being broadcast live around the world.

The countdown began.

“…Five, three, two, one, zero!”

Kuaaang!

The engine ignited with a roar, the supports fell away, and the spacecraft soared.

The flame streaked through the air and disappeared into the distance.

Wow!

The engineers at the space center cheered.

Kennedy also clapped.

Chairman Jung, who was next to him, said to the Korean President in a low voice.

“I really envy the rocket technology. It’s the same as long-range missile technology.”

“That’s right. It’s an intercontinental ballistic missile. We’ll sign an aviation technology agreement with the US, so secure the technology.”

“We have to. When will we launch a spacecraft like that?”

“A lot of progress has been made in aviation technology, but spacecraft cost a lot of money, so we’ll just launch our own satellites.”

“Ah, if we can launch satellites, we can also make intercontinental ballistic missiles.”

“That’s right. Our country is very competitive in small satellites. Combining satellite development with the aerospace industry will greatly help profitability. If oil comes out of Block 7, we should invest in aerospace.”

* * *

The Blue House office.

After returning from the United States, the Chief of Staff reported urgent news with a grim expression.

“Your Excellency, we have information about a serious matter.”

“Really? What is it?”

“The opposition party is demanding a special national audit.”

“Why a special audit all of a sudden? What for?”

“It’s about the close ties between Hyunse Group and the Blue House.”

“…”

The President felt a pang of conscience.

He had eradicated the practice of bribery with corporations, but Hyunse, owned by Chairman Jung, was an exception.

This was because Hyunse was deeply involved in major national projects such as the Vietnam reconstruction project, the Gyeongbu Expressway [major highway in South Korea], the shipyard construction, the nuclear power plant construction, and the oil corporation investment.

The close relationship was undeniable.

It wasn’t to receive kickbacks from Hyunse, but Hyunse was the only place that could do the construction on a deferred payment basis due to the lack of government budget.

But from the outside, it looked like the Blue House was giving all the work to Hyunse, a typical case of political-economic collusion.

He was at a loss as to how to explain that these were transcendental projects carried out with foresight as a regressor.

The image of competence and fair competition that he had built up was about to collapse in an instant.

It was the greatest political crisis for the regressed President.