章 583: Chapter 583: Our Discussion Has Already Concluded
It was impossible to conduct business in North Korea without the Daehyeon Group.
The extensive know-how accumulated by Daehyeon Group was essential for reviewing various businesses in North Korea so far.
"But, Boss…"
As I laid out everything Daehyeon Group needed to do, Chairman Song Chan-woo glanced around nervously before speaking to me.
His expression was quite serious.
"What about the agreements my father made with…"
Song Chan-woo hesitated, casting a furtive look at Kim Byung-woo and Lee Sang-geun.
"It's fine. These two are completely on my side. Whatever is discussed here won't leak out."
I assured him firmly, helping to ease his concerns. Kim Byung-woo and Lee Sang-geun nodded silently in agreement.
Only then did Song Chan-woo continue speaking.
"What will happen to the agreements my father made with the North Korean government? We agreed to conduct the Mt. Kumgang tourism and various economic collaborations. Everything came to a halt when inter-Korean relations worsened, but…"
While Chairman Song Young-ju was alive, there were many projects agreed upon with the North Korean government.
There had been times when that nearly caused issues.
Ideally, it would be best if we could proceed as agreed, but…
"They likely won't go forward as promised."
"However, under the condition that the businesses were approved back then, hundreds of millions of dollars were funneled to the North Korean government."
The eyes of Kim Byung-woo and Lee Sang-geun widened slightly. They were unaware of this fact.
No, more accurately, they seemed shocked to realize the rumors circulating in the financial world were true.
It was even more astonishing that the involved party, Song Chan-woo, was the one to say it.
"Hmm…"
I rubbed my chin, lost in thought.
Previously, Daehyeon Group had sent $450 million to North Korea, including $100 million in policy support for the inter-Korean summit and cooperation.
That was through loans arranged by the national banks facilitated by the government.
This matter tied Daehyeon Group and the government together.
'Ah, now that I think about it, the time of Chairman Song Chan-woo's death has passed.'
I recalled in my previous life how Song Chan-woo had jumped from his office during a prosecution investigation over the fund transfers to North Korea.
In this current life, an investigation by the Prosecutor's Office was not taking place, but various suspicions had already been raised.
Rumors circulated about how the government had given hundreds of millions to Kim Jong-il for the inter-Korean summit and that Daehyeon Group had funneled similar amounts to him.
But this time, it hadn't attracted much attention.
Due to the sharply worsening inter-Korean relations, all projects were stalled. Consequently, public interest quickly waned on the issue.
Of course, if the President issued an order, an investigation would commence, but Yoon Chang-ho had no such intentions.
Well, if there ever was an intent to investigate, my plan was to stop it.
"North Korea isn't a country where logic applies, is it? French and Chinese companies also find themselves cheated out of their money by the North Korean government. What methods would Daehyeon Group have to avoid that?"
"This…"
Was he lamenting the loss of money, or possibly the inability to carry out the project? Song Chan-woo sighed deeply.
I smiled reassuringly at him as he expressed his discontent.
"Instead, we'll be establishing a new contract with Jang Seong-taek. Of course, we'll be able to pursue the various projects Chairman Song Young-ju dreamed of. I'll make sure Daehyeon Group leads the Mt. Kumgang tourism."
Song Chan-woo finally managed to rein in his disappointment and nodded slowly.
Still, he couldn't hide his lingering sighs and continued speaking.
"Thank you, but I'm still a bit troubled… The North Korean government had agreed to grant monopoly rights on seven SOC projects in addition to the Kaesong Industrial Complex and Mt. Kumgang tourism. That's why my father pushed himself to give money to Kim Jong-il."
The projects Daehyeon Group secured monopoly rights on were related to social infrastructure.
They included the construction of critical societal infrastructures such as railways, communications, and power projects.
However, they had no intention of giving them to Daehyeon Group. I had already concluded talks regarding them with Jang Seong-taek.
"Is there any chance Jang Seong-taek wouldn't approve this?"
"Our conversation is already finalized. I will take charge of North Korea's infrastructure projects. However, I will ensure that Daehyeon Group receives various projects to avoid too much disappointment."
"Understood."
Since I had brought in the project rights, Song Chan-woo was well aware that there was no way to take them back.
He nodded in agreement, but it was apparent that he couldn't help but feel disappointed.
To comfort Song Chan-woo, I spoke gently on purpose.
"I understand that Chairman Wang's dream is the North Korean business. Daehyeon Group will be crucial in this inter-Korean collaboration."
Of course, most of the profits would go to me, but Daehyeon Group would still have its fair share.
"Daehyeon Group already has all plans for the construction of the Kaesong Industrial Complex established, right?"
"Yes, that's correct."
"What about the construction period?"
"It's scheduled for about 2 years."
"Two years? That's longer than I expected."
Considering that Song Chan-woo had overseen North Korean matters since Chairman Song Young-ju was alive, he answered quickly to each question I posed.
"The personnel sent to Kaesong for construction need to return to Korea by evening, right? That's why the construction period is set longer."
"So, if the South Korean personnel can stay in Kaesong and work at night, could we complete the Kaesong Industrial Complex within a year? Jang Seong-taek's biggest reason for visiting Seoul is the quick completion of the Kaesong Industrial Complex."
Song Chan-woo paused for a moment, lowering his eyes slightly.
After a brief moment, seemingly sorting his thoughts, he nodded.
"If that can be arranged, it wouldn't take a year. Didn't our Daehyeon Construction's ability to shorten construction periods become famous worldwide? Of course, we need to calculate the details separately, but I believe it will be sufficient."
Daehyeon Construction was already renowned for its quick and sturdy construction. I trusted that reputation as I answered confidently.
"Is that right? That's a relief. Vice Chairman Jang Seong-taek will be pleased. He has emphasized his desire for the rapid advancement of the Kaesong Industrial Complex several times. If we can complete construction within a year, the complex will quickly become operational. Isn't that right?"
Song Chan-woo shook his head in response to my question.
"That's a bit difficult. Selecting the businesses to settle there alone will take over a year. Previously, even with the government out of the picture, we could scarcely fill half of the small businesses. Furthermore, since then, the Kaesong Industrial Complex project has been indefinitely postponed, causing those small businesses planning to set up factories there to abandon them and build new factories in China instead."
"Even though the government and Daehyeon Group poured extensive efforts into it, you still couldn't fill half of the spots?"
I seemed to recall reading in an article that the number of companies settling in the Kaesong Industrial Complex had not yet reached half of the projected figures.
Had I not intervened, this life would likely have followed a similar trajectory.
"Yes. It's indeed challenging for companies to maintain a positive image when it comes to North Korea and Kaesong. The government offered various tax benefits, and we presented attractive conditions to our partner companies to fill the spots for settling."
I could only nod in agreement.
Although there had been promises of various policies during the initial settlement phase, ensuring their continuation forever was unrealistic.
If relations with North Korea soured, the companies that had settled in the Kaesong Industrial Complex might risk having their equipment seized by the North Korean government, which was quite a considerable risk.
"The fact that relations with North Korea can't remain good forever is one of the reasons, too."
"That's right. Although the benefits are plentiful, the risks are considerable as well. It will likely be more challenging this time. After all, the Kaesong Industrial Complex project already faced setbacks once. Given that it's happened before, finding companies to settle will require quite some time."
Unless significant incentives were offered, it's evident that most businesses wouldn't want to enter the Kaesong Industrial Complex.
Thinking about how to resolve this began to weigh heavily on my mind.
'Jang Seong-taek has high hopes for the Kaesong Industrial Complex project… If things go astray from the outset, it could affect his policies as well.'
The more I thought, the louder the sound of my fingers drumming against the table became.
While I had spent a while silently pondering, Chairman Kim Byung-woo finally broke the silence.
"Boss, what if we did this?"
I came out of my reverie to look at Kim Byung-woo. After catching my gaze, he continued.
"There's a Hanjong meeting next month."
Surprised by Chairman Kim Byung-woo suddenly bringing up Hanjong, I asked.
"Large chaebols can't settle in Kaesong. What does the Hanjong meeting have to do with that?"
Only small and medium-sized enterprises could settle in the Kaesong Industrial Complex.
Due to tax benefits, large corporations had been completely excluded from the very beginning.
It was related legislation established during the Kim Hak-gwon administration, making alterations difficult.
It seemed that Chairman Kim Byung-woo understood this well, as he nodded and replied.
"I'm aware as well. In the Hanjong meeting, the heads of the top 20 groups in Korea gather. Most of the collaborating companies within the groups are small to medium-sized enterprises. Daehyeon Group, as well, reportedly filled its spots with partner companies back then. What about asking for their cooperation?"
Filling the settling companies with partners from groups within the top 20?
It was a good idea, but they wouldn't act without any benefit.
As though he guessed what I was thinking, Kim Byung-woo added more details.
"We can't progress the North Korean project solely with Daehyeon Group and Jungwoo. It's a task that needs to be carried out at a national level. Though I may not know all your plans, the basic infrastructure in North Korea is virtually nonexistent. Even if there were infrastructure, it's outdated, thus renovation would be imperative. How about allocating various projects that might not provide lucrative profits to them? Each group has different key industries, right? If the group has construction companies, we can offer a few significant projects to them. For groups without construction companies, we can compensate them with alternative projects."
If everything could be settled solely with Jungwoo Group and Daehyeon Group, it would be splendid.
But the North Korean project would require hundreds of billions of dollars over several decades excluding the rented Nampo City I had leased.
That wasn't the only issue.
"If we shift our focus and abandon other projects for North Korea, that might be feasible. But reconstruction projects have huge profits, rivaling the North Korean ventures."
Currently, Jungwoo Group and Daehyeon Group were engaged in reconstruction and development projects in Afghanistan.
In addition, once the Iraq War was over, I had to simultaneously manage the reconstruction project assigned to me in Iraq.
Even with many skilled manual laborers from Daehyeon Construction and Jungwoo Construction, their numbers were finite.
"I'll give it more thought. When is the exact schedule for the meeting?"
"It's set for the 1st of next month."
I nodded and said.
"Please inform Manager Ma of the detailed schedule and location later. Then I'll either attend myself or send someone."
"Understood."
After organizing the projects Daehyeon Group would take on, the discussion shifted to the Jungwoo Group.
The Jungwoo Group was entirely my company.
Because of that, its largest projects were mostly handled by them on my behalf.
"Chairman Kim, you're well aware of the Ryugyong Hotel, correct?"
"Are you speaking of the Ryugyong Hotel in Pyongyang? The half-constructed hotel? Yes, I'm aware of it. I reviewed it when Jungwoo Group was considering acquiring the rights."
"Is that so? Then you should know it better than anyone else."
"Yes. I'd say I know it better than the original French construction company that was initially assigned to the project."
Confidence dripped from Kim Byung-woo's voice. I nodded and asked.
"What's the status of the Ryugyong Hotel?"
"…It's completely in shambles."
That was Kim Byung-woo's concise and impactful statement.
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