Chapter 77: The Inauguration Committee Chairman, Lee Jong-cheol

“The chairman of the transition committee is Lee Jong-cheol. It’s said he’ll be leading things in the early days of the new administration. Rumor has it he’s a strong candidate for the first chief of staff.”

“Lee Jong-cheol? That guy isn’t one of DJ’s people, is he? He’s with the JP faction.”

Hearing the name of the presumed second-in-command of the next administration, as Chairman Jin had mentioned, Oh Se-hyun wore an expression of disbelief.

“Given their intelligence capabilities, wouldn’t grandfather be more accurate? Let go of your doubts.”

“True, if Soonyang Group has confirmed it, there’s no room for doubt, is there?”

“We should meet him, right?”

“Chairman Jin has offered to set up a meeting?”

“How much have I done for him so far? Besides, our Miracle is a major shareholder in Soonyang. He’d naturally do this much for us.”

The president-elect and the head of the transition committee are cautious about their movements until the inauguration. Meeting specific individuals can quickly attract media attention and become fodder for criticism.

Secret meetings are only possible for those with significant influence, and someone like Chairman Jin is difficult to refuse a meeting request from.

“Alright. Let’s play in the big leagues now. Heh heh.”

“Let’s meet together from now on. If I wear a suit and stand next to you, Uncle, wouldn’t I look like your executive secretary?”

“What is it? You’re not saying you don’t trust me, are you?”

He seemed surprised by the suggestion of meeting in person, but quickly followed with a joke.

“Politicians tend to speak ambiguously. To get an accurate interpretation, it’s better to meet together, I think.”

“Aren’t you worried he might recognize you? If he knows you’re the grandson of the Soonyang chairman, he might be cautious.”

“I’m not a celebrity. The only time my face was on TV was briefly after last year’s university entrance exam. He wouldn’t remember.”

The head of the presidential transition team wouldn’t bother watching trivial broadcasts.

What’s important is how accurately he understands the current situation.

Out of the 3.2 billion dollars, 1 billion was exchanged through Soonyang Group. I really wanted to know his perspective on the value of the remaining 2.2 billion dollars.

If he devalues the dollar, he’s just a politician out of touch with reality.

Is Lee Jong-cheol truly the second-in-command of the next administration, or just a scarecrow holding the door?

* * *

“Wow, kid. Wearing that, your suit looks great on you.”

“Anything looks good on me. Didn’t you know that?”

“Honestly, you have no sense of humility.”

Oh Se-hyun lightly tapped my back and started walking towards the elevator.

“This hotel seems to be a regular haunt for politicians.”

“It’s right in front of the Blue House and the government complex, and it’s close to Yeouido… There’s no place quite like it.”

“Since you can go straight from the parking lot to the rooms, there’s less chance of being seen, right?”

“Exactly. I don’t know why these guys have so many secret meetings. Shady bastards.”

We both grumbled about the politicians as we headed up to the agreed-upon location.

A light knock on the room door was answered by a familiar face I’d seen on TV.

“Representative Oh Se-hyun?”

“Yes.”

“Please, come in.”

Inside the room, three or four members of the transition committee were talking, but they fell silent as we entered.

“Alright, proceed as planned and head back first. I have some things to discuss with this gentleman.”

The transition committee members bowed their heads lightly and left the room.

“Welcome. I am Lee Jong-cheol.”

“I’m Oh Se-hyun. Thank you for taking the time out of your busy schedule.”

“Don’t mention it. Aren’t you the one who bailed out the faltering Ajin Group? I should be the one thanking you.”

His attitude was unexpected.

He graduated from the Korea Military Academy’s 16th class, served in the Korean Central Intelligence Agency during the Fifth Republic, and was a member of the Democratic Justice Party. With that kind of background, he should be arrogant, not this polite.

Whether it’s his adept social skills or his natural character remains to be seen.

“And the young man there…?”

“Ah, he’s part of my team. I’d like to mention upfront that there are no secrets between him and me. I intend to tell him everything we discuss with you today, Chairman, so I’d appreciate it if he could stay.”

“Of course. There shouldn’t be anything to hide, no need to worry. Haha.”

I bowed my head to Lee Jong-cheol but didn’t say anything else. He didn’t seem particularly interested in me anyway.

“Chairman Soonyang said you have good news to share. Is that right?”

“You are busy indeed. Getting straight to the point.”

“Oops, my apologies. Let’s sit down first.”

Chairman Lee Jong-cheol guided us to the reception sofas in the center of the room.

“Miracle Investment’s New York headquarters has approximately 2.2 billion dollars in available funds. I plan to bring that money to Korea.”

“There will be conditions, I presume?”

He didn’t seem surprised by the mention of 2.2 billion dollars. It must be the first time he’s hearing that number, so is he just composed? Or is it that he doesn’t grasp the value of 2.2 billion dollars?

“Yes. The reason I requested this meeting is to discuss those conditions.”

Oh Se-hyun handed over a file he had prepared, but Lee Jong-cheol only glanced at the title before placing it on the table.

“What’s the reason for an investment firm getting involved in construction? Finance and concrete don’t exactly go hand in hand.”

“This proposal isn’t solely about construction. While some elements are included, it’s a separate project. I ask for your positive consideration.”

“If it’s positive, does that mean you’ll be pouring dollars into Korea?”

“Yes.”

“Pour it in, reap massive profits, and then take that money back to the US, right?”

He said it with a smile, but it wasn’t friendly.

The fact that we’re a US investment firm clearly gave him a preconceived notion. He sees Miracle as a means for black-haired foreigners to siphon Korea’s wealth overseas.

“Isn’t that the obvious course of action? Perhaps Ajin Group’s future won’t be much different? Normalize it, then break it up and sell it off, profits going to the US. Isn’t that right?”

“No, Chairman. It’s the opposite.”

My words caused a glint to appear in Lee Jong-cheol’s eyes.

“The opposite?”

“Yes. Our Miracle’s business is bringing money earned in the US to Korea. So far, our company has invested in Dell Computer, Microsoft, Hollywood movies, and Japan’s SoftBank, generating substantial profits. With those earnings, we acquired Ajin Group. In a way, we’re contributors to exports.”

“Young man, your wordplay is excessive. Contributors to exports?”

For someone who lived through the 60s and 70s, the term ‘contributors to exports’ is a symbol of pride and national glory. It’s the driving force that transformed a poverty-stricken nation into an economic powerhouse.

They would have heard countless times that Korea lacks resources, so human capital is everything, and exports are the only way forward.

So, hearing that lofty term of pride from the mouth of someone who merely plays with money is making him feel displeased for the first time.

“Isn’t exporting simply the act of earning dollars? We’re earning foreign currency in the same way, even if we don’t sell products.”

“That may be how it looks now. But what about the future?”

This guy is really… suspicious. Is it because he’s from the intelligence agency?

“Chairman. If we were just thinking about making money, we could profit more than double just from the exchange rate difference. Even if the proposal I gave you becomes a reality, guaranteeing double the profit is difficult.”

Oh Se-hyun hit the nail on the head, and only then did he pick up the file.

Lee Jong-cheol quickly scanned the contents and then put the file down, speaking.

“A plan to create the mecca of the Korean media industry… Not bad.”

Lee Jong-cheol’s attitude shifted. His tone suddenly became favorable.

“Do you plan to invest all 2.2 billion dollars in the media industry?”

“No. Only a portion of it. Actually…”

Oh Se-hyun paused, gauging Lee Jong-cheol’s reaction.

“I’m considering investing in various sectors. The US investment firm will be managed by locals, and I intend to establish myself as a business leader in Korea.”

“What about IT?”

Lee Jong-cheol asked with a gleam in his eyes.

“If you’ve made significant profits investing in Dell, Microsoft, and SoftBank, I’d assume you’re knowledgeable in that area. Am I wrong?”

Taken aback by the unexpected question, Oh Se-hyun hesitated to answer. Wasn’t I the one who spearheaded all the IT investments?

I inwardly cheered when this question came up.

To inject vitality into the economy, which had fallen into recession due to the IMF crisis, the People’s Government was focusing on fostering IT-related venture companies.

Moreover, the government had even brought up the topic of cultural enrichment.

If Miracle just removed the signboard of being a US investment firm, Media City would perfectly align with this administration’s core objectives.

“IT will greatly assist in fostering small and medium-sized enterprises. Looking at the case of the US, venture companies that started in Silicon Valley have grown so rapidly that there are now concerns about a bubble. If the government takes the lead, excellent results will follow.”

With civil servants and politicians, you just need to give them the answers they want to hear. Right now, the answer Lee Jong-cheol wants is the bright future of IT.

“As expected, young people know this field well. That’s clear.”

Lee Jong-cheol asked Oh Se-hyun with a bright expression.

“How about it? Would you consider investing in the IT sector?”

Before my uncle could agree unconditionally, I spoke first.

“Chairman. Our Miracle has no intention of investing in IT.”

Instantly, the expressions on both their faces changed drastically. My uncle looked flustered, and Lee Jong-cheol looked displeased.

Rejecting a proposal from a key figure in the upcoming administration would understandably cause that reaction.

“IT ventures need to grow by feeding on the nutrients of groundbreaking ideas and technological prowess. If specific private capital intervenes, they’ll only drain the ideas and technology. We shouldn’t let capitalists steal the youth of venture founders.”

Lee Jong-cheol’s eyes widened at my unconventional opinion.

“So, the government should be the main entity in the industry?”

“Yes. If the government just provides a good foundation for young venture entrepreneurs to emerge and then observes, I believe the results will be excellent.”

“A foundation, you say…?”

“The establishment of IT infrastructure. And if you simply watch, good results will follow. That’s how Silicon Valley grew.”

Lee Jong-cheol was silent for a while.

I could sense that there wasn’t a concrete plan yet on how to start the government’s new growth engine project. They would need to set a direction soon.

Since delaying a message of hope to the people after the government’s inauguration wouldn’t be good, a conclusion on IT and Media City would likely come quickly.

“I appreciate your insightful opinions. I will thoroughly review this proposal and get back to you. And could you provide more detailed information about the 2.2 billion dollar investment plan? The government will actively consider it.”

I wanted to shout for joy. This was a huge proposition.

When the head of the transition committee says they’ll actively consider something, it’s just another way of saying they approve.

Oh Se-hyun politely took the hand Lee Jong-cheol offered. However, Lee Jong-cheol didn’t offer his hand to me. Was this his way of establishing a hierarchy?

Oh Se-hyun was grinning from ear to ear as we left the hotel.

It was as good as receiving confirmation that the government would back us if we brought in the 2.2 billion dollars.

Lee Jong-cheol pretended otherwise, but he desperately wanted the dollars. There’s no way they’d support us just because they liked us.

“By the way, what you said earlier, were you serious?”

“About what?”

“About not investing in IT.”

“Yes, I’m serious.”

“Why? If the government is going to foster it, it’s a goldmine. We already have quite a few venture companies knocking on our door.”

I sighed softly and looked at Oh Se-hyun.

“Uncle. We’re the owners of a company that rivals Daehyun Automobile. Isn’t the venture business just a place where kids scramble for pocket change? We should be playing in the big leagues.”

“Aren’t you underestimating it too much? If it grows in scale, it won’t be a level to ignore.”

“Uncle, do you know how much operating profit Soonyang Electronics made during the semiconductor boom a few years ago? A whopping 2 trillion won. No matter how big a venture gets, it won’t even reach the heels of Soonyang Electronics.”

I don’t have time to focus on IT companies that will barely make 1 or 2 trillion won in sales 20 years from now. Companies worth hundreds of trillions are beckoning me.