"Hooray! Hooray! Hooray!"
"Hooray for the Korean nation!"
"Hooray for the Republic of Korea!"
Ba-ba-ram-pa, bam bam-pa-pa. Ba-ra-bam-pa ♩♪♬
The Korean residents gathered at the port of Portland chanted hooray for Korea and cheered for us.
For some reason, most of our compatriots, who were likely illegal immigrants, were boldly shouting cheers, and a fine band appeared along with the citizens of Portland, giving us a proper welcoming ceremony.
"Welcome, CS."
The confusion didn't last long.
I spotted Van Flint among the welcoming crowd.
"A salute and a welcoming ceremony! It's an honor."
"Since it's the first arrival of Korea's first national vessel, it's natural to have a consul-level welcome. This kind of reception is to be expected."
"As the first national vessel, the ship needs some repairs. While the ship is being repaired, it seems we should also build a Daese Shipping warehouse here."
"Are you asking me to help?"
"Of course."
"Let's see how well you can persuade the investors and then decide."
"Isn't this test sufficient?"
I pointed to the severely damaged Daese 1.
The Korean residents, who had cheered upon our arrival, were now wiping away tears at the sight of the cadets saluting bravely on the severely cracked ship.
"Alright, alright. I'll yield. I'll make an effort for ship repairs and a warehouse in Portland."
Though he spoke nonchalantly, it wasn't an easy task.
There was a cartel among shipping companies at the port, and without joining the cartel, even ship repairs or unloading wouldn't proceed properly.
Van Flint's offer meant he would get us into the shipping cartel.
It was something only Van Flint could make possible.
It would be ideal to join the Pacific Freight Conference led by Sea-Land, the dominant shipping company in the 60s and 70s.
"While you're at it, could you help resolve some short-term foreign debt? It's $70 million in goods."
I handed over the Bill of Lading.
A Bill of Lading is a document that lists the items loaded onto a ship and can be submitted to the bank as collateral.
Showing this to Van Flint would mean passing the test.
"You're in quite a hurry."
"There's someone at the brink of collapse here."
I pointed behind me with my thumb.
Yeom Won-chul, the Deputy Minister, stood there looking like a drowned rat. His only concern was the $200 million long-term foreign debt documents Van Flint would bring.
"This is $200 million in loan approval documents. If you put them into Manhattan Bank and contact the home country, the short-term debt will be immediately extended."
"Thank you."
Half of it was an AID loan, which the U.S. government provides to developing countries under the Act for International Development, and the other half was an IDA loan from the International Development Association, part of the World Bank.
It was clear that Nancy from the Department of Defense and Van Flint, a powerful figure in both politics and business, each brought in $100 million from their respective domains.
Both the AID and IDA loans had the U.S. government backing them.
"Thank you. Thank you."
I handed the documents over to Deputy Minister Yeom Won-chul. He quickly reviewed the documents and sighed in relief. I could hear him choking back tears.
It was a natural reaction since a few simple documents had averted a national default crisis.
"By the looks of it, we need to rest a bit. I've booked a hotel, so make yourselves presentable."
"Haha. Thanks for the concern."
Van Flint handed over a note with the hotel's name.
I really wanted to rest too.
"If you miss Korean food, talk to the welcoming crowd over there. They'll provide lodging."
He said it indirectly, but it meant that the entourage should use the Korean residents' homes.
It was a way to solve lodging and meals cheaply.
He was a meticulous gentleman who understood Koreans well.
"How should we prepare for the investor briefing?"
"You don't need to prepare anything. The day after tomorrow, at the Portland Oregon Convention. I'd let you rest more, but the investors are eager to see you, so it can't be helped."
Van Flint handed me a party invitation.
It was called a party but meant an investor briefing.
"Alright, see you there."
"Is your friend coming too?"
"Oh, I haven't introduced him. This is Deputy Minister Yeom Won-chul of the Ministry of Commerce and Industry."
"Was it Deputy Minister?"
"Nice to meet you. I've heard a lot about you."
Deputy Minister Yeom Won-chul also knew Van Flint.
Well, it would be strange if high-ranking officials didn't know Van Flint at that time.
"Good. See you both at the party."
We parted ways there.
Today was March 31, so there was a mountain of things to handle within the day.
Our party completed the immigration, customs, and banking tasks, and it was late afternoon by the time we finally got to the hotel.
As soon as I entered the room, I soaked in the warm bath. It felt like my body was melting away.
I took off the grimy, sweaty clothes, put on a robe, and jumped into bed, feeling like I was floating in a cloud.
***
Two days later,
Portland Oregon Convention Hall.
I had my hair neatly styled and wore a suit as I entered the convention hall.
Honestly, it was amazing.
No matter how advanced America was, having a building named a convention hall in the 60s was astonishing.
At that time, a convention hall was more like a luxury business hotel. The lobby had a giant pyramid made of wine glasses with a wine fountain flowing.
Of course, this luxurious atmosphere wouldn't last long. By this year, they would start realizing the Vietnam War was an inescapable quagmire.
It got a bit easier thanks to Kyun.
"CS Woo, welcome."
"Thank you."
"Come on in, friend. There are many people to introduce."
Van Flint was the host, and the party was already bustling with well-dressed gentlemen.
There were at least 30 people.
"This is Vice President Goodman of Union Oil."
"Nice to meet you. I'm CS Woo."
"Nice to meet you too. I've been looking forward to meeting you since I took charge of East Asia."
"Now, this way..."
Van Flint introduced me to various people at a dizzying pace.
Union Oil, Bechtel, Dow Chemical, Westinghouse, Blaw-Knox, Ford Motor, Vitro Fertilizer, Hanover Trust, Central Louisiana Paper, Bethlehem Steel, DuPont—all the major companies seemed to be there.
'These are the companies that trusted Van Flint to guarantee a loan for Korea.'
Their presence meant they were considering investing in Korea.
Rather than directly contacting the Korean government, they were using Van Flint as a middleman to mitigate risks.
If the situation differed from their expectations, they could use Van Flint as a scapegoat or cut ties using him as an excuse.
"Is President Woo okay?"
"Why? Is something wrong?"
Deputy Minister Yeom Won-chul kept wiping his sweat with a handkerchief and asked me.
"It's not that, but this atmosphere makes me nervous. These are all top-tier companies."
No matter how high-ranking a public official he was, being nervous in front of private companies was something.
"Deputy Minister, why are you nervous? We are the ones in charge here."
"What? We're in charge? We're the ones borrowing money and asking for investment."
"Exactly, that's why we are in charge. Banks call the person borrowing money a customer, not a debtor."
"..."
"You get nervous borrowing small amounts. When it's a large sum, you have to act bold."
I massaged Deputy Minister Yeom's shoulder to relieve his tension.
As a high-ranking official of the Republic of Korea, he shouldn't be scared.
"Can I have a word with you? I'm Tony Edwards from DuPont."
"Of course."
I made a Jack and Coke on the spot and handed it to him.
"I like Jack and Coke."
I liked Edwards' response.
People who like Jack and Coke are usually practical rather than formal.
In a world where bourbon whiskey is considered best straight, they argue that mixing it with sweet cola makes it tastier.
"I'll tell you what I want first. We'll support $9 million in construction costs for a factory in Korea with an annual production of 4,800 tons. Let's go with a 51-49 equity split. And, we'll lease the license permanently."
He came out strong from the start, but he covered all the necessary points. He was proposing to invest in the construction of a Korean factory in exchange for a Kabla license.
Since I had already sent a telex to Van Flint indicating my intention to deal with DuPont, there was no need for any preliminary talks.
"Have you arranged a $9 million guarantee?"
"Yes, if you do not agree to this proposal, I'll have to withdraw the payment guarantee. Then you'll have to look for another investor for the $9 million."
He came out strong as if to assert dominance from the start.
Van Flint, watching from afar, smiled at me and mouthed, "He, Vice President!" slowly.
Van Flint's non-involvement indicated this wasn't the main deal.
Indeed, $9 million wouldn't make him the main sponsor of this party. He was leaving it to me to handle.
"Before looking for another investor, let's make a counteroffer. An annual production of 15,000 tons and construction costs of $20 million."
"What?"
"With a production three times more and construction costs a
little over twice as much, it's beneficial for both parties."
The larger the plant, the more the construction costs plummet.
From my experience, in the 60s exchange rate, it would cost about $600,000 per 5,000 tons of synthetic fiber or plastic.
$20 million for 15,000 tons meant an extra $2 million in surplus.
It was enough to build the factory and then some.
"You're proposing to produce 15,000 tons of Kabla? Where will you use all that?"
"Kabla is five times stronger than steel and can withstand 500 degrees. It significantly lowers the fatality rate from gunfire. Not only soldiers but also police need bulletproof vests and helmets. It's also ideal for firefighting suits. It's even a top-notch fashion fabric. Its applications are endless. Tire cords, aircraft wings, wire coatings, car interiors, transmission belts..."
As I continued, Vice President Edwards' expression gradually changed.
Once he heard it, the utility seemed limitless, didn't it?
"But $20 million is too much."
"Corporate and operating taxes are exempt for five years. The factory site can be paid in installments over seven years with a two-year grace period."
His eyes widened at my words.
"Mr. Woo..."
Deputy Minister Yeom, standing next to me, was also surprised. He seemed to be thinking there were no such tax benefits.
Why not? That's the famous Tax Reduction and Exemption Act.
While it attracted foreign investment, it was also criticized for bringing in reckless foreign loans.
Before shady characters used foreign loans to build buildings, it was better that I took the initiative.
"But the factory is too big. Operating costs would be too high initially..."
"The government will cover electricity and water costs. At 60% of international prices."
"Wow!"
This was also an implementation item under the Tax Reduction and Exemption Act.
Edwards hastily pretended to drink his Jack and Coke.
He unintentionally displayed a 'This is a jackpot!' expression.
"But there's a condition."
"A condition?"
"A power plant is necessary. It has to be at least 100MW to run such a factory. Please push for it together with Bechtel over there."
"Ugh..."
Things are getting a bit complicated, right? But you have to do it.
It takes a client like DuPont to build a 100MW power plant.
Besides, the heat generated from it would be used for heating, and the leftover steam would be used by Daese Chemicals.
"If the electricity is unstable, it takes at least two weeks to dismantle and remove a clogged reaction tower. It's an all-stop situation. Such incidents must be prevented."
"... If a power plant is involved, it won't be profitable."
"Okay, would it ever be profitable?"
"Let's split the shares 50-50, but profit distribution 60-40."
"Is that all you need? Then let's do that."
"What?! Mr. Woo!!! What nonsense!"
Deputy Minister Yeom jumped up in surprise.
He was so excited that he spilled his Jack and Coke. He must have thought it was excessive to offer such tax benefits and to split the profit 60-40.
I gently pressed Deputy Minister Yeom's shoulder.
Get excited, but do so after hearing the whole thing.
"Edwards, regarding the profits. Do you calculate based on 305 operating days at 85% operation rate according to the U.S. Commerce Department's standard?"
"Of course."
"Then any excess production is Daese Industrial's share. How about that?"
"... Hmm, suit yourself."
Vice President Edwards of DuPont agreed nonchalantly.
He must have thought it impossible to achieve excess production in a backward country like Korea.
"!!!!"
Deputy Minister Yeom blinked at my words.
'Did you see that? Even this is a loss?'
At that time, except for a few, Americans didn't know what kind of country Korea was or what kind of people Koreans were.
Koreans were uniquely diligent, working in shifts 24/7, achieving 110 to 120% operation rates, unlike anywhere else in the world.
Moreover, I was an engineer from the 21st century.
If I changed a few process conditions, achieving excess production was a piece of cake.
"Shall we sign the contract on these terms?"
"Can we sign right now?"
"The Deputy Minister of Commerce and Industry of the Korean government is here, so why not?"
"Hahaha, good."
The party already had standard contracts prepared by the U.S. Department of Commerce, so once the parties agreed to the terms, the rest was straightforward.
After adding the special terms I mentioned, Edwards happily signed, thinking it was a windfall.
Deputy Minister Yeom also signed on behalf of the Ministry of Commerce and Industry of the Republic of Korea.
Even after the contract was signed, Deputy Minister Yeom couldn't quite relax.
He seemed to be wondering if such a contract was possible.
"Mr. Woo, is this really okay?"
"Can't you see? These guys don't know Koreans. In a few years, even such contracts won't be possible, so let's sweep the party clean today."
I stepped forward boldly.
Seeing Van Flint with Union Oil indicated that I could handle everything else except for Union Oil.
There was money scattered everywhere.
Let's draw a hefty investment!
Most of them didn't even know where Korea was.