Chapter 406 |
The Liberty Korea Party leadership temporarily halted the hearing and entered an internal meeting.
Several lawmakers couldn't hide their anger. Representative Lee Jeong-hye scowled deeply, and Representative Ma Sang-tae ground his teeth.
Representative Yeo Hwan-soo, his anger apparently still simmering, muttered openly, "We need to teach that punk some manners."
Other lawmakers chimed in.
"There's a limit to how much he can disrespect Members of Parliament."
"It'll be tough for him without political connections; why doesn't he even consider bowing his head?"
"Well, Kang Jin-hoo is Kang Jin-hoo, after all."
That last remark hit the nail on the head. If it weren't Kang Jin-hoo, what other businessman would come to a hearing and behave in such a manner?
Representative Yeon Nakyeong couldn't hide her perplexed expression.
She had expected him to show some humility and request cooperation... but his behavior was hardly different from the last time.
Her original plan was for all party lawmakers to unite and push back hard, but those representing metropolitan and provincial cities had already been swayed. It wasn't easy for them to voice opposition while ignoring the sentiment in their constituencies.
Representative Yeon Nakyeong asked in a deliberately calm voice, "Why aren't the New Politics Party members saying anything? Weren't we supposed to apply pressure together?"
Representative Kim Myeong-ja bowed her head low. "Ah, it seems they've changed their minds."
The New Politics Party lawmakers, whose constituencies were in Seoul and the metropolitan area, had tacitly agreed to jointly demand countermeasures for issues such as population outflow, falling housing prices, and reduced investment.
However, after watching the Liberty Korea Party lawmakers get taken down one by one, they merely expressed a few concerns and quickly retreated.
A first-term lawmaker cautiously asked, "What should we do?"
The Saemangeum New City plan wasn't something Kang Jin-hoo had suddenly initiated. He had merely stepped forward to earnestly pursue what the previous and the administration before that had continuously pushed. Therefore, there was no solid justification for opposing it.
They had tried attacking what they perceived as weak points, but it hadn't yielded significant results.
He claimed OTK Company could do a better job if it took the development lead, offered to cover deficits for SOC projects exempted from preliminary feasibility studies... and now, he had even brought up patriotism.
He claimed to be developing out of patriotism; what could they possibly say against that?
This hearing had practically been forced by the Liberty Korea Party. But if it ended with no achievements, only humiliation, it would have been worse than not holding it at all.
Representative Yeon Nakyeong said to the other lawmakers, "If we back down now, we'll just become a laughingstock. In any case, if our party doesn't cooperate, the Saemangeum development cannot proceed. So, we will drag out this hearing as long as possible and continue to boycott the supplementary budget and National Assembly sessions. After all, the more the development is delayed, the more desperate their side will become."
***
The hearing was briefly suspended for a break.
While the Liberty Korea Party lawmakers all trooped out, I also slipped out of the hearing room. I grabbed a canned coffee from a vending machine in the lounge and drank it.
The sugar rush made me feel a bit more alive.
I didn't show it, but the mental toll was immense. It felt like I had walked into the heart of an enemy camp, all alone. One slip of the tongue, and they would pounce like hyenas on carrion.
I had a rough sense of how things were unfolding. For a while now, the Liberty Korea Party lawmakers, rather than launching an aggressive offensive, had been taking turns asking pointless questions.
Were they just trying to stall for time, rather than pick a fight and get trounced again?
If they dragged it out like this, then claimed one hearing wasn't enough and refused to participate in the supplementary budget review, that would be that. Then the same situation would just repeat itself.
There are things companies can do, and things the government can do.
Factories, offices, department stores, supermarkets, concert halls, apartments—companies can invest and build these as much as they want.
But a city cannot succeed with just this.
To cultivate the talent companies need, universities are essential. Silicon Valley's success was partly due to the presence of leading universities in California, including Caltech. Talented individuals from not only the US but all over the world flock to these universities, and after graduation, many remain there to work or start businesses. That's how a virtuous cycle is created.
Furthermore, to attract talent from abroad, international schools for their children must be established. And there are quite a few ventures, such as large hospitals and foreigner-only casinos, that require National Assembly approval.
If they start obstructing things at every turn, there'll be no end to it. That's why I'm here, at a hearing I don't even need to attend, going through all this.
What should I do now?
I took out my phone and made a call. My deputy answered as if he'd been waiting.
Taekgyu said with satisfaction, "[Great! You're doing very well. Just keep going as you are.]"
Anyone hearing him would think he was a coach praising a player who'd just scored a goal.
"[The National Assembly broadcast ratings have also surpassed 25%. They say it's the highest ever since the channel started broadcasting.]"
“……Huh?”
This is a world where even popular drama ratings struggle to surpass 10%. How could a hearing's ratings exceed 25%?
Was this because the public had such immense interest in Saemangeum... or was it more likely that conservatives wanted to see me get crushed, and progressives wanted to see the Liberty Korea Party get crushed?
"[Heh heh, isn't this the OTK Effect? Domestic news, foreign press, broadcast stations, the internet—it's all in an uproar. By the way, do these hearings not pay appearance fees? Shouldn't they give something to the star of a show with 25% ratings?]"
"Never mind that. Execute the plan I told you about before I came here. Right now."
Taekgyu replied as if he'd expected it. "[Heh heh, so we have no choice but to play that card, huh? Well then, keep up the good fight.]"
I crushed the empty can and threw it into the trash.
***
The three major broadcast networks postponed their regular programming to air related content, and internet news outlets churned out Kang Jin-hoo's statements as breaking news.
Foreign media interest was also significant, and foreigners watched the economic hearing unfolding in the South Korean National Assembly in real-time via streaming sites.
However, as the hearing progressed, a significant question began to dawn on people.
-Am I the only one who doesn't understand why they're even having this hearing?
-They said they'd meticulously review the supplementary budget, so why are they only grilling Kang Jin-hoo like this?
-Are they for or against the Saemangeum development?
-Is there any country in the world that treats a businessman willing to invest hundreds of billions of dollars this way?
-Other countries would roll out the red carpet for a mere $1 billion investment.
-He should invest that money in our Vietnam. Even Prime Minister Nguyen Minh would rush out to welcome him.
-Countries all over the world eager for investment are lining up single file, three laps around the track~
-Seriously, when is this going to end?
***
The hearing resumed, and the pointless questioning continued.
The same points had been rehashed since earlier. When I answered perfunctorily, too bothered to even elaborate, Representative Yeon Nakyeong seized on my words.
"You mentioned that traditional industries, which fueled Korea's growth, have hit their limits. I believe this statement disregards the workers in those sectors. Even now, these industries are the bedrock of the Korean economy. Is CEO Kang Jin-hoo suggesting we should abandon all traditional industries?"
"Why would we abandon industries that have been performing well? The idea is to continue developing them while also fostering new industries. Just as existing automobiles combined with autonomous driving and battery technology to become autonomous electric vehicles, the growth of new industries also benefits existing ones. We are proposing the Saemangeum development to create new engines for growth."
"But why does it have to be Saemangeum? The public is suspicious of potential tax wastage and corporate favoritism."
Packaging one's own desires as public opinion—a classic trait of the species known as politicians.
I sighed inwardly and said, "The number of young people leaving North Jeolla Province as jobs disappear is increasing significantly. I'm worried about what will become of North Jeolla's future if its industries collapse and all the young people leave. For North Jeolla to forge a new future, the Saemangeum development must proceed swiftly. Saemangeum needs to be reborn as an economic zone where finance, manufacturing, materials science, and biotechnology can flourish together. The government must not withhold its support for North Jeolla's economy and Saemangeum's development."
"I'm pointing out that if investment becomes too concentrated in the Honam region, the broader framework of balanced regional development could be undermined."
I scoffed. "Don't you remember? Those weren't my words. They were yours, Representative Yeon Nakyeong, from when you held a Supreme Council meeting in Saemangeum."
At my words, Representative Yeon Nakyeong looked flustered.
It was natural she wouldn't remember. She probably said the same thing in every region she visited.
"But now that we're actually going to develop it, why on earth are you opposing it?"
Representative Yeon Nakyeong composed herself and said, "Opposition? That's not it. We intend to scrutinize it closely to ensure the development proceeds in the right direction."
"Well, I'm sure you will."
At that, Representative Ma Sang-tae, who was chairing the session, shouted, "CEO Kang Jin-hoo! Maintain decorum in this hearing! And sit up straight! The public is watching!"
At that very moment, the lawmakers suddenly began to murmur. One after another, they pulled out their cell phones. One lawmaker approached Representative Yeon Nakyeong and whispered something in her ear.
I, too, pulled out my phone and checked the internet.
A slew of breaking news headlines popped up.
[(BREAKING) Walt Disney Company Subsidiary Puts Saemangeum Disneyland Construction Plans on Hold]
[Universal Studios Announces Cancellation of Saemangeum Investment]
[Seoseong Electronics, SSK Hynix to Reconsider Semiconductor Cluster Plans]
[Bio Cluster Project Facing Collapse]
[Ceylon Hotel Abandons Integrated Resort Project]
[Saemangeum Investors Seeking Alternative Investment Destinations Abroad]
[GoldenGate Warns Investors: Saemangeum Success Unlikely Due to South Korea's Political Risks...]
Representative Ma Sang-tae almost shouted, "What is all this? Don't tell me you ordered this, CEO Kang?"
I nodded. "Yes."
"What is the meaning of this...?"
"The total investment committed by companies to date amounts to 500 trillion won, equivalent to 30% of South Korea's GDP. Everyone decided to invest based on the government's commitment to developing Saemangeum New City, and I personally persuaded these companies. However, after experiencing today's hearing, I've confirmed that the political establishment has absolutely no will to develop Saemangeum. Therefore, instead of forcing the issue, I intend to invest this sum in other countries. It is truly regrettable. Had the development proceeded as planned, it would have created over 500,000 jobs and generated hundreds of trillions of won in economic benefits annually."
Representative Yeo Hwan-soo interjected, "Hundreds of trillions of won in economic benefits? Isn't that an exaggeration?"
I looked him straight in the eye. "South Korea's current GDP is 1,700 trillion won. If Saemangeum New City generates just an additional 10% of that, it amounts to 170 trillion won. Do you truly believe my words are an exaggeration?"
“Ahem, well…”
In truth, it was an exaggeration. It's standard practice to inflate the positives and downplay the negatives when initiating an investment.
I turned my gaze back to Representative Yeon Nakyeong.
"Until now, both the ruling and opposition parties have vied to put forward Saemangeum development pledges. And I, along with other companies, trusted those pledges and decided to invest. Transforming Saemangeum into an international city that will lead South Korea's finance and high-tech industries will take at least ten years, possibly decades. This is impossible without overwhelming political support. If all parties offer their support, I will make Saemangeum a city that spearheads the future of the Republic of Korea. However, if any party opposes it, I will cancel all development plans and make no further investments in South Korea. Therefore, I ask each party to state its position clearly, here and now."
Representative Yeon Nakyeong shot to her feet and exclaimed, "A-are you threatening us now?"
"It's not a threat; I'm stating a fact. What country in the world treats an investor willing to commit capital in this manner? You seem to be mistaken. I am not asking for a favor; I am offering an opportunity. There are plenty of countries besides South Korea that would welcome this investment."
I scanned the lawmakers seated in the hearing room and delivered my final statement.
"Companies do not invest where they are not welcomed."