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CH411 | Heir
🕑 Added 2025-09-06 12:30:04 +0000 UTCA few days later.
I met with Assemblyman Choi Jaeseok.
While Brexit and the turmoil in British politics were important, Korea’s general election was only a few months away, and I had to devote significant attention to the political climate at home.
"Is everything going smoothly with preparations for the general election?"
"This is the first time since I entered politics that the race has been so chaotic. The progressive opposition forces have split into two, with public sentiment in Honam shifting toward the new party. That doesn’t necessarily mean the ruling party has the advantage, though."
"Naturally. With the government’s approval rating falling, the ruling party’s numbers are bound to decline as well."
Both of the major parties were in simultaneous decline.
The opposition was split in half, ceding its stronghold in Honam to the new party.
Meanwhile, the ruling party was losing support under the weight of the government’s falling approval ratings.
In contrast, the National Economic Party was in a relatively favorable position.
In the previous general election, the results had been: ruling party 119 seats, National Economic Party 92 seats, opposition 75 seats.
The National Economic Party had established itself as the second-largest party, and now there was even talk that it might secure over 100 seats for the first time in its history.
"From the traditional major parties, centrist supporters outside of their core bases are drifting away. Ideally, the National Economic Party should absorb them, but it’s not easy. The new party in Honam is drawing much of the opposition’s base."
"It may be difficult, but the National Economic Party must become the leading party in this election, no matter what. Only then can we establish the foundation needed to win the next presidential election."
"Isn’t it a bit premature to talk about the presidential race already?"
Premature? Hardly.
If events unfolded as history had shown, an impeachment would occur as early as next year.
That meant a presidential election would be held the following year.
Therefore, unless we managed to fully capture the public’s sentiment this year, victory in the presidential race would remain out of reach.
"Think of this general election as the prelude to the presidential race and give it everything you have."
"I am running with that mindset, but I can’t seem to find a clear way to take districts from the other parties. Even holding onto the ones we already have feels overwhelming."
The National Economic Party was a nationwide party, but its main support base lay in the Seoul metropolitan area—including Gyeonggi Province—and the Gyeongnam region centered around Busan.
For this reason, in order to win the upcoming general election, it was essential to secure as many constituencies in the Honam region as possible.
"If we can take just 10 of the 28 districts in Honam, the National Economic Party will surpass 100 seats. Riding that momentum, if we can also capture the votes in Chungcheong and Seoul, a majority in the Assembly is well within reach."
"I do think now is the right time to target Honam. With the opposition split in two, their concrete support base in Jeolla has crumbled. But there’s still no real opening for the National Economic Party to break in."
Support for the National Economic Party in Honam was not insignificant.
More than 20% of Honam residents supported them.
But 20% alone was nowhere near enough to win a parliamentary seat. At the very least, support needed to rise to around 30% for a candidate to succeed.
That goal had become possible only because the local sentiment in Honam was now divided.
Under the firm two-party system of the past, it had always taken more than 50% of the vote to secure victory.
This time, with the opposition split, winning with 30–40% was entirely possible.
"At the current level of support in Honam, the National Economic Party simply can’t win seats there."
"True, the 20% support will help in securing proportional seats, but it won’t be enough to win districts outright. Even if a candidate is exceptionally capable, at best they could add another 10%—and that still falls short."
In a general election, the most decisive factor was the party itself.
Even a candidate with the stature of a presidential contender would find it nearly impossible to win if their party’s approval rating lagged by more than 10%.
Of course, there were rare cases where a well-regarded politician won as an independent due to strong local ties. But if the opposing party fielded a competent candidate, victory was realistically out of reach.
"This general election must be fought on two tracks. First, Assemblyman Choi Jaeseok, I need you to secure the Seoul constituencies by winning over the metropolitan voters."
"The National Economic Party’s support in Seoul continues to rise. Whether in Gangnam or Gangbuk, we’re polling above 30%. With the ruling and opposition parties splitting the rest, even support in the high thirties will be enough to win."
The National Economic Party’s appeal lay in its positive strategy.
The two major parties relied heavily on negative tactics, attacking and smearing each other.
While such tactics helped to rally their core supporters, they also fueled public disgust with politics.
The National Economic Party, however, refused to resort to negativity.
Even when politicians from the big parties were caught in bribery scandals or criminal acts, the party refrained from issuing statements.
Some supporters grumbled about this silence, but the image of being a party focused solely on the economy boosted its approval ratings across all age groups.
"In Gyeonggi Province, our base is already strong, so there’s little to worry about. And at this pace, we can secure even more votes in Seoul. With you at the center, Assemblyman Choi, we can effectively dominate the metropolitan region."
"And the other track is targeting Honam?"
"That’s right. Breaking into Honam will require extraordinary measures."
"Do you have a special plan in mind for Honam’s economic development?"
The region was plagued with economic difficulties.
If the National Economic Party could solve even its most pressing problem, it could expect support to climb by more than 10%.
"My first thought is to revive the Gunsan Shipyard."
"The Gunsan Shipyard issue won’t be easy to resolve. The scale of losses is enormous—so much so that even the Hyundai Group abandoned it."
The Gunsan Shipyard was owned by Hyundai Heavy Industries.
Following the group’s succession feud, Hyundai Group had been split apart, and Hyundai Heavy Industries had fallen into the hands of its fifth son, Assemblyman Jang Myeongjun.
Although he had stepped away from direct management, Jang Myeongjun still held the largest stake. In practice, the executives could be regarded as employees under his command.
"Assemblyman, I’d like you to meet with Assemblyman Jang Myeongjun. All you need to do is let him know that there is a way to save the Gunsan Shipyard."
"But Jang Myeongjun is a lawmaker from the ruling party. Do you really think he’d want to negotiate with me?"
"I’ve heard he no longer has much attachment to the ruling party. If we can save the Gunsan Shipyard, he’ll gladly give all the credit to the National Economic Party."
Jang Myeongjun had once basked in a glorious heyday during the 2002 World Cup.
But that peak passed far too quickly. Now, he devoted himself entirely to serving as head of the Football Association, with little lingering interest in politics.
"Very well. I’ll meet with him and try to persuade him. Should I arrange for a meeting between you and Assemblyman Jang?"
"Yes, please. At that meeting, I’ll personally explain to him the way we can save the Gunsan Shipyard."
"But even saving the shipyard alone won’t be enough to fully win over the Honam region."
There was a bigger problem than Gunsan Shipyard still looming over Honam: the Saemangeum Project.
Despite astronomical sums of taxpayer money poured into it, the project had yet to bear fruit.
"I intend to resolve the Saemangeum issue."
"Is that even possible? Tens of trillions of won in taxes have already gone into it, and nothing has worked."
"The reclamation itself is mostly done. The real problem is that no companies are willing to move into the Saemangeum site. Without them, proper development can’t happen."
"Are you saying some affiliates of the Taewoo Group will enter Saemangeum?"
"My plan is to build enough factories and research centers so that the Saemangeum land will no longer sit empty."
As with any new city, Saemangeum’s most urgent need was attracting companies.
So what would happen if Taewoo Group, Korea’s number-one conglomerate, declared it would build factories there?
And if the National Economic Party itself took the lead in bringing Taewoo Group into Saemangeum, support in Honam would surge without question.
Meanwhile, Taewoo Group also needed sites for its expanding projects.
It made sense to build factories and research centers in locations that would simultaneously aid the National Economic Party.
"Then let’s make Saemangeum development our flagship pledge for the Honam region in this election."
"Bringing in Taewoo Group alone might sound too limited. Announce that we’ll attract world-renowned foreign companies as well."
"Do you think that’s possible?"
"If Taewoo Group moves, there are foreign companies that will follow."
Assemblyman Choi Jaeseok couldn’t hide his smile.
How could he not be pleased, when Taewoo Group itself was offering a solution for winning over the Honam region—an issue that had seemed impossible to crack?
"If our approval ratings rise in Honam, it will have a very positive effect on voter sentiment in Seoul as well."
"True. How many Seoul residents are actually natives of Seoul? Most of them are people who moved here from other regions."
"Among them, those from Honam make up the largest share. Nearly fifteen percent."
Winning Seoul wasn’t simply about targeting Seoul itself.
People from every corner of the country had settled in the capital.
Since the largest group came from Honam, boosting support there would naturally lift support in Seoul too.
"Then just by properly targeting Honam, we could secure more seats in Seoul as well."
"Perhaps not Gangnam, but in Gangbuk we’d see very favorable effects."
"I’ll give you all the support you need. Let’s work together to make sure the National Economic Party secures a majority of the seats, no matter what."
"With the chairman backing us this strongly, I’ll give it my all. I’ll approach this campaign not as if it were just a general election, but as if it were the presidential race itself—cutting down on sleep and throwing myself fully into the rallies."
It was a commendable mindset.
This general election was, in truth, no different from a presidential election.
After all, within six months of the general election, the presidential race would take place.
I headed to the Finance Tower to meet Vice Chairman Han.
It happened to be rush hour, so employees of foreign financial firms were streaming in for work.
The executives who knew me hurriedly bowed their heads in greeting as they passed.
"Good to see you, Chairman!"
"You really don’t have to go this far. But I see you’ve adapted quickly to Korean culture."
"In all honesty, I’d bow to the floor if I could, but with so many eyes watching, I have to restrain myself."
To think I was receiving such greetings from blond-haired foreigners.
Executives from overseas financial institutions were showing me greater courtesy than even Taewoo Group’s own staff.
“Did you all take etiquette lessons at Cheonghakdong or something? Every single one of you bows at a perfect ninety degrees.”
“That’s just how the financial world is, isn’t it? If the profits are high enough, these people would sell their very souls.”
Vice Chairman Han’s words drew a round of nods.
After all, thanks to being tenants in the Finance Tower, they had posted staggering profit rates. Especially the executives—each of them must have pocketed massive bonuses. Naturally, they couldn’t help but bow their heads.
“The reason I asked to see you today is that I’m thinking of making an investment here at home, for the first time in a while.”
“How much are you planning to invest?”
“It’s a fairly sizable amount. I’m planning to use about one billion dollars.”
“That’s a relief—it’s not as big as I feared. When you said the amount was quite large, I thought it would be at least ten billion dollars. We’ll take measures so you can have it ready to use immediately, even starting today.”
“Aren’t you even curious what kind of business I plan to invest in?”
Vice Chairman Han didn’t even ask where the money was going. That was how relaxed he had become after raking in astronomical sums from the oil wars and shorting the Chinese market.
“With an investment of around one billion dollars, it’s not large enough to make me wonder. So, where do you intend to put it?”
“I’m looking at shipyards in the Honam region, and the Saemangeum project.”
“Then so be it. I’ll set that money aside as if it no longer exists.”
One billion dollars—over one trillion won.
For most companies, arranging an investment on that scale would require countless meetings and endless procedures.
But for Taewoo Group, a one-billion-dollar investment could be decided with just a single word.
What other group in the country could match that?
And this wasn’t just business. In effect, they were using one billion dollars to prop up the approval ratings of the National Economy Party.
No other corporation would ever dare spend such an astronomical sum purely as political capital.
