"Did you say broadband?"
"Yes, that's correct."
Under the curious gaze of President Kim Jae-choon and Secretary General Woo Chun-il, he responded with utmost seriousness.
"First, second, and third—it's all about broadband. For Korea to overcome the foreign exchange crisis and make a leap into the ranks of advanced nations, we must become the best in the world at broadband."
With unwavering confidence and not a hint of hesitation, Kim Jae-choon folded his arms and
asked with interest on his face.
"But what exactly is this 'broadband'?"
"It has several meanings, but simply put, it refers to high-speed internet infrastructure."
"Internet, huh…"
"You're probably aware that the dot-com boom in the U.S. has brought tremendous attention to internet-related companies."
As the two men nodded, Seok-won continued his explanation calmly.
"Just like the invention of the steam engine transformed the world, the future will shift from the industrial society to an information society."
Kim Jae-choon showed interest and interjected.
"You're talking about the 'Third Wave' that a famous futurist mentioned."
"That's right."
The bestselling book The Third Wave, written by a world-renowned futurist, was one of President Kim's favorite and most impactful reads, so he listened even more intently.
"The key to entering the information society is the internet, which connects the entire world
without the constraints of time and space. And the foundation that enables the internet to thrive is broadband."
"Are you saying it's really that important?"
"The current method of using the internet relies on a device called a modem, which transmits data through existing telephone lines."
Seok-won shrugged.
"But that's far too slow, and more importantly, the amount of data it can transfer is severely
limited. On the other hand, if we build a separate internet communication network using coaxial or fiber-optic cables, we could exchange a far greater variety of data at hundreds of times the current speed."
At that, Secretary General Woo Chun-il, sitting across from him, tilted his head slightly with a skeptical look.
"I understand that this broadband thing is good. But I question whether it can really help revive our nearly lifeless economy and breathe new life into it."
Even if an industry had a bright future, the present reality was grim. The economic foundation was shaky, and there was a real risk of Korea stumbling at the doorstep of becoming a developed nation—falling into the middle-income trap like many South American countries had.
So he couldn't help but question whether broadband could truly revitalize the economy.
As if expecting this reaction, Seok-won responded immediately and confidently.
"That's precisely why we need broadband."
With a thoughtful hum, President Kim Jae-choon rested one arm on the sofa armrest and asked,
"Can you explain that in more detail?"
"First, laying out a dedicated internet communication network across the country will require a significant investment in infrastructure, which effectively injects money into the economy and stimulates growth."
Both men nodded slightly. As politicians, they knew well that large-scale construction projects and infrastructure investments were a quick remedy to revive a sluggish economy.
"But the infrastructure is secondary. The real value lies in the venture companies that will
naturally emerge once high-speed internet is widely available."
Looking between President Kim and Secretary General Woo, Seok-won spoke clearly and with conviction.
"Our country lacks natural resources. Our only true strength is our highly educated and talented workforce. If we build a high-speed communications network and make the internet faster and more convenient than it is now, countless IT venture companies will emerge—just like in the U.S., where the dot-com boom is unfolding."
Seok-won's expression radiated confidence, drawing the two men's full attention.
"In the industrial era, Korea achieved compressed growth thanks to conglomerates like Hyunwoo and Saseong. But now, we must focus on fostering IT venture companies to lead the next generation of core industries. If we do that, I believe Korea's economy can make another great leap forward in the coming millennium and finally join the ranks of true advanced nations."
"Hmmm... IT venture companies, huh…"
President Kim folded his arms and wore a contemplative expression, while Secretary General Woo cautiously raised another concern.
"Our most urgent issue right now is unemployment. Do you really think IT venture companies can replace large-scale industries like automobile manufacturing, shipbuilding, or construction that employ massive workforces?"
Seok-won answered with a relaxed smile, as if this posed no problem at all.
"Just because they're called venture companies doesn't mean they'll always stay small. In fact, because they're driven by dynamic energy and innovative ideas, they have more potential to grow rapidly—faster than traditional companies."
"..."
"One of the venture companies I invested in—Netscape—grew into a multi-billion-dollar
company in just a few short years. That should be proof enough."
"Now that you mention it, I do recall hearing that you made a fortune through that Netscape
company or whatever it was."
At President Kim's comment, Seok-won nodded.
"That's right. It started in a tiny office with fewer than ten employees, but now it's a company with thousands of workers."
President Kim rubbed his chin thoughtfully.
Though he was still mulling things over, his expression showed a clear shift—he seemed
increasingly persuaded.
"The job loss among existing workers due to the IMF crisis is serious, but what worries me more is that the worsening economy is making it almost impossible for young people just entering the labor market to find any employment opportunities at all."
President Kim Jae-choon, who hadn't had the time to think that far ahead, responded with a grim expression.
"Youth unemployment is a real problem too."
"With economic growth and Korea's unique zeal for education combined, nearly a million college graduates will enter the job market every year. If the majority of them can't find employment and remain jobless, it will become a serious social issue."
"Hmm…"
Kim Jae-choon furrowed his brow, clearly troubled just thinking about it. Seok-won continued speaking.
"But if we foster venture companies, we can significantly alleviate the issue of unemployed,
highly educated college graduates."
At this, Secretary General Woo Chun-il, who had been listening intently, smacked his knee with his palm.
"So you're suggesting we encourage startups to reduce the number of unemployed!"
Seok-won gave a gentle smile, as if to say that was exactly right.
"On top of that, the IMF is demanding that we resolve the problem of excessive and overlapping investments by major conglomerates. This can also serve as a way to address that."
"Right. As you said, it could be a case of killing two birds with one stone."
Kim Jae-choon's eyes briefly sparkled, but then a note of concern returned to his expression.
"But I worry whether we, especially when even the world's strongest country—the United States
—has only just begun developing its internet industry, can truly succeed in this field."
"Precisely because we're Korea, I believe we can succeed."
"What do you mean by that?"
Looking at the puzzled face of President Kim, Seok-won calmly explained his reasoning.
"The United States has a total land area of about 9,834,000 square kilometers—about 98 times the size of Korea. Just the state of California is 4.2 times larger than all of South Korea."
"Wow, that really puts into perspective just how vast America is."
"Having a large territory is certainly enviable, but when it comes to building brand-new
infrastructure like the internet, it becomes a significant disadvantage. Even with a simple
estimate, it would take 98 times more cost and effort compared to Korea."
"Now that you explain it that way, it makes perfect sense."
Ironically, even though the U.S. was home to global tech giants like Microsoft, Google, and
Amazon—birthplaces of the modern IT industry—by the year 2025, there were still vast areas without access to high-speed internet, or even reliable cell phone coverage.
"On the other hand, Korea's smaller territory allows for much faster and more efficient internet infrastructure development. That actually makes it a far better environment for nurturing an IT industry."
"Huh… So Korea might actually be in a better position than the U.S. That's what you call a shift in perspective."
As President Kim kept murmuring in admiration, Seok-won added an even more promising note.
"Not only that, but the groundwork has already been laid by previous administrations, so we can proceed with building high-speed communication networks more smoothly."
"What? There's already a foundation? Is that true?"
Seok-won nodded slightly.
"Yes. The previous administration introduced electronic switching systems (TDX), which enabled PC-based communications. And under President Kim Sung-gyu's government, the Ministry of Information and Communication was established, and a basic national informatization plan was formulated. The groundwork is already there."
"I had no idea."
President Kim let out a quiet exclamation of surprise.
Secretary General Woo looked equally astonished as he asked,
"How do you know all this?"
"As I mentioned, I believe the internet will be a major growth industry in the future, so I've been doing my own research and studying the field."
At that, President Kim Jae-choon gave a deeply pleased smile.
"As expected. There's clearly a reason why someone your age has achieved so much success."
"Exactly,"
Secretary General Woo Chun-il chimed in, adding his praise for Seok-won.
The two older men found his attitude—never resting on his laurels and continuing to strive
forward—highly admirable.
"Not only do we already have the necessary groundwork laid out, but Koreans, more than any
other people, are quick to embrace new products and technologies rather than resist them. I believe that if we harness this national trait, the IT industry built on the internet can absolutely thrive in Korea. And it will become the next-generation industry that carries our economy for decades to come."
"Hm. I see…"
Having listened to everything, President Kim Jae-choon stroked his chin, silently deliberating for a long moment.
Meanwhile, Seok-won, who had talked for so long that his coffee had gone cold, took a sip to
soothe his dry throat and waited patiently for the governor's decision.
It wasn't long before Kim raised his head, having made up his mind.
"Alright. Let's go ahead with what you've suggested."
"You've made a wise decision."
With a noticeably lighter expression, President Kim leaned back against the sofa.
"I had hoped you might be able to offer some kind of solution, and I'm glad I asked. I felt like I was lost in a thick fog these past days, but now I feel like I can finally see a way forward."
"I'm relieved to hear that I was able to help in some small way."
Seok-won replied with his usual humility.
President Kim, gazing at him thoughtfully, then asked in a soft, suggestive tone,
"Since we're on the subject… would you be willing to help me out from within the Blue House?"
"You mean me?"
"Yes. If you were to lend your support, it would be a tremendous help."
Sensing he might get dragged into politics if he didn't refuse quickly, Seok-won gave an
awkward smile and politely declined.
"I truly appreciate the offer, but I've got my hands full with various commitments already, so I'm afraid I'll have to decline."
At the same time, he made sure to leave the door open, so as not to offend the older man.
"However, if you ever need my help, I'll always be happy to assist from outside."
President Kim couldn't quite hide his disappointment as he spoke.
"Well, if that's your position, then there's nothing I can do."
"I'm sorry."
"No need to apologize. You've got your own business to run—that's just me being greedy. Just don't forget your promise to help if I need it."
"Of course."
After that, President Kim and Seok-won continued talking late into the evening, engaging in deep discussions about how to overcome the foreign exchange crisis and move past the IMF
management system as quickly as possible.