South and North.
The Republic of Korea and the Democratic People’s Republic of Korea.
One people who had stood opposed for half a century, guns pointed at each other.
The leaders of the two states stood in the sa place, on the sa stage, and shook hands.
It was a historic mont that would later be called the March 29 Inter-Korean Joint Declaration.
After finishing the handshake, the two n stood side by side at their respective podiums.
Dostic reporters, as well as foreign correspondents, pressed their shutters nonstop, and every single mont was being broadcast live to the entire world.
Yoon Changho began the press conference first.
— Respected citizens of the South and the North, and our compatriots overseas. Chairman Jang Songthaek and I have concluded the Seoul Inter-Korean Summit with the desire for peace shared by both South and North, and have reached a historic agreent...
Yoon Changho continued speaking in a calm, steady voice.
— The North’s prior declaration and actions toward abandoning nuclear weapons carry profound significance. They will serve as the cornerstone for the denuclearization of the Korean Peninsula, and mark the first step toward cooperation and coexistence, rather than confrontation, between the South and the North.
We have agreed to take the initiative in determining the fate of our own people, and furthermore, to unite as one to seek the support and cooperation of the international community.
We have also shared the will to move forward toward a declaration to formally end the war.
At the words “declaration to end the war,” the reporters montarily forgot to press their shutters and drew in sharp breaths.
— Thanks to Chairman Jang Songthaek’s bold and decisive decision, we are now able to announce positive results to the people of both South and North.
Today’s occasion is also special. To my knowledge, this is the first ti in history that the North’s top leader has personally held a press conference before the world’s dia—here, in the very heart of Seoul, the capital of the Republic of Korea.
I would like to offer applause to Chairman Jang Songthaek for demonstrating such boldness and courage. Thank you.
As President Yoon Changho finished speaking, thunderous applause erupted.
Next, Chairman Jang Songthaek stepped forward to conduct his press conference.
— Dear compatriots of the North and the South. Today, President Yoon Changho and I held our first summit here in Seoul with a deep sense of responsibility and mission.
I extend my sincere gratitude to President Yoon Changho and to the officials of the South for their efforts in successfully hosting this summit.
After taking a brief breath, Jang Songthaek continued.
— In order to ensure that the agreent we signed today, under the watchful eyes of all the people of the North and South and the world, does not beco another agreent that is loud in its beginning but empty in its results like those of the past, President Yoon Changho and I will communicate closely and cooperate to ensure that it bears definite fruit.
Accordingly, the North and the South have agreed to withdraw their frontline-deployed forces by ten kiloters each. In addition, the North and the South have agreed to open liaison offices in Pyongyang and Seoul, respectively, to maintain close communication.
I hope that the agreent reached today will beco a future of dreams and hope for the people of both the North and the South who are watching with bated breath.
Once again, I extend my warm greetings and gratitude to all the people of the North and the South, as well as those overseas, who have shown great interest in this historic eting. Thank you.
Applause followed once more. When the applause—longer than before—finally subsided, Jang Songthaek and Yoon Changho faced each other, shook hands again, and even embraced.
Imdiately after the press conference ended, a joint declaration issued in the nas of President Yoon Changho and Chairman Jang Songthaek was distributed to dia outlets.
[Inter-Korean Joint Declaration for Peace, Denuclearization, and Cooperation on the Korean Peninsula.
1. The South and the North shall strive for comprehensive and groundbreaking improvent and developnt of inter-Korean relations.
2. The South and the North shall work to ease military tensions and eliminate the risk of war on the Korean Peninsula.
3. The South and the North shall work toward a permanent and solid peace regi and the denuclearization of the Korean Peninsula.
4. The South and the North shall pursue economic cooperation, beginning with the Kaesong Industrial Complex.
5. The South and the North shall strive to connect the Gyeongui Line railway and the Donghae Line railway.
6. The leaders of the South and the North shall hold regular summits, and establish liaison offices in Seoul and Pyongyang to maintain close communication.
7. In order to convert the armistice agreent concluded in 1953 into a permanent peace treaty, the South and the North shall work toward ending the war through four-party talks involving the Republic of Korea, the Democratic People’s Republic of Korea, the United States, and China, for a permanent and solid peace regi on the Korean Peninsula.]
The declaration, which put concrete form to what had been announced at the press conference, was shocking in every sense of the word.
dia outlets rushed to publish breaking news of the inter-Korean joint declaration.
It was only natural that not just the dia, but the public as well, was thrown into an uproar.
And so, the five-day inter-Korean summit held in Seoul ca to a brilliant conclusion.
* * *
One hour before Jang Songthaek returned to Pyongyang.
I headed to the hotel where he was staying to et him.
After completing a brief identity verification process in the underground parking garage, I went straight up to the top floor where Jang Songthaek was.
“Thank you for your hard work, Chairman.”
As soon as I entered the room, I slightly bowed my head in greeting, and Jang Songthaek gave a light embrace.
“Not at all. If anything, President Kim worked harder than anyone. Thanks to President Kim Muhyuk, I am able to return to Pyongyang with good results.”
“I may have set the stage, but the ones who ultimately led the agreent were you and the President. Without the decisive resolve of both of you, no matter how good the setting, these results would not have been possible.”
There were plenty of people who couldn’t take advantage of an opportunity even if it was laid out for them. No—there were many fools who would spit it out even if it was placed directly into their mouths.
If that was the case in dealings between individuals, how much more so between nations?
Yet the two of them reached an agreent in just three rounds of talks.
Jang Songthaek and I sat facing each other.
“When did you decide to hold the groundbreaking ceremony for the Kaesong Industrial Complex?”
“We decided to do it in June.”
“The month when the Korean War began. Did you choose it intentionally? It will carry great significance.”
Jang Songthaek nodded. It seed he had indeed chosen the timing deliberately.
Holding the groundbreaking ceremony at Kaesong in June—the month the June 25 War began—would inevitably beco fodder for public discussion.
“You know well. We deliberately chose that timing. Before then, I’ve heard that as soon as UN sanctions are lifted, Daehyeon Construction will imdiately begin the foundational work.”
“That’s good. The Kaesong Industrial Complex is only the beginning. From now on, North Korea will develop at a rapid pace day by day. Starting with Kaesong, massive foreign capital will flow into Nampo, Sinuiju, and Rason, and as a result, North Korea will achieve rapid economic growth.”
“Just hearing that sounds good. I’m looking forward to it as well.”
Jang Songthaek’s expression, nodding gently, looked better than it had in a long ti.
“How was Seoul and South Korea, seeing them for yourself?”
“It felt different from my previous visits. Seoul develops at an astonishing pace. I hope our Republic can develop in the sa way.”
“It will soon. As long as you steel your resolve and remain unwavering, all that remains is for South and North Korea to hold hands and grow together.”
While the gains from this summit were substantial, it was clear there would also be losses.
Jang Songthaek nodded with a hardened expression.
“When do you plan to begin developnt of Nampo City? I would like it to proceed as quickly as possible. It’s the closest city to Pyongyang, and it’s directly connected by expressway, so it should bring significant changes to the lives of the people of Pyongyang. Improving the lives of the Pyongyang citizens who support the Republic will strengthen my foundation.”
“Are you planning to deploy people from Pyongyang to the Nampo City construction projects?”
“Of course. I intend to completely halt the ration-based economic system that exists in na only. A planned economy is a failed policy.”
Jang Songthaek said this firmly.
As he said, North Korea’s planned economy and ration system had already collapsed.
Rations had long since stopped, and people were opening jangmadang markets themselves to trade for what they needed.
Pyongyang had been the last place where rations were still distributed, but as sanctions against the North intensified, even that had been cut off.
If rations had stopped even in Pyongyang, it was obvious without looking what conditions were like in other regions.
“......You intend to fully introduce a market economy.”
“That’s correct. Which is why I seek your candid advice.”
Seeing his willingness to accept even harsh criticism, I nodded.
Then Jang Songthaek asked in a serious tone.
“President Kim, in the current situation, is it acceptable to carry out a currency reform? The currency circulating in North Korea right now is no different from scraps of paper. Most transactions are conducted in dollars, and even Party-run restaurants and hotels accept only dollars. But if we do not revive our national currency, then no matter how much economic growth we achieve, it will be aningless, will it not?”
My eyes widened without realizing it. A currency reform? At a ti like this?
“A currency reform? Now?”
“Yes. That’s right. Once investnt begins and abundant dollars start flowing into North Korea, the economy will eventually operate with everyone using dollars. We can’t simply stand by and watch that happen, can we?”
There was not a hint of hesitation on Jang Songthaek’s face as he spoke of currency reform. He truly intended to carry it out.
“......It won’t be easy. What is the current exchange rate?”
“Officially, the exchange rate set by the Republic is 100 won to one dollar. But......”
Jang Songthaek trailed off, seemingly embarrassed by his ★ 𝐍𝐨𝐯𝐞𝐥𝐢𝐠𝐡𝐭 ★ own words.
“That’s fine. Please go on. What is the exchange rate being used in the market?”
“I’ve heard that on the black market, it’s exchanged at about 5,000 won per dollar. Even that isn’t entirely certain.”
“And foreigners?”
“Foreigners use dollars. In the past, we exchanged them into a special foreigner-only currency, but...”
“One dollar to 5,000 won...... That’s actually a better rate than I expected.”
With ti, the exchange rate would likely worsen, but for now it seed to be holding in the 5,000-won range.
“Chairman, the reason for pursuing a currency reform is important. Are you perhaps planning to forcibly convert the dollars paid as wages in the Kaesong Industrial Complex and various special economic zones into North Korean currency?”
Jang Songthaek let out a small sigh, as if his true intentions had been read, then slowly nodded.
“What do the experts in North Korea say?”
“No one knows yet, except . It’s a matter of such gravity that would bring extre change...... I intend to proceed with utmost secrecy. That’s why, rather than asking experts within the Republic’s governnt, I am seeking your opinion, President Kim Muhyuk.”
Just looking at the declaration made it clear how drastically this summit would change North Korea.
And on top of that, if they were to carry out a currency reform as well......
“And if we proceed with the currency reform, we plan to print the currency abroad and put it into circulation. We need to carry out the reform quickly and induce stabilization before foreign capital begins to flow in. That way, when full-scale developnt begins, the Republic’s currency can take root.”
Jang Songthaek’s reasoning—that the currency reform should be done before money truly started flowing into North Korea—was sound.
Once foreign investnt began in earnest, implenting a currency reform would beco even more difficult.
“Let ask just one thing. Do you intend to set a limit on how much can be exchanged? As has been done in the past.”
“.......”
“If that is your intention, then erase the idea of currency reform from your mind entirely. You claim to be opening the economy and embracing a market economy, yet you still cling to such outdated thinking.”
“We don’t have money in the governnt right now.”
At Jang Songthaek’s excuse-like remark, I replied firmly.
“Even so, if you carry out a currency reform while limiting amounts, limiting ti, and attempting to grasp the people’s assets through exchanging old bills for new ones, it will never succeed. If you truly care about restoring the value of North Korea’s currency, then do not covet the sweet fruit placed before you. Carry out a genuine currency reform. If you do that, I will help you.”
Jang Songthaek let out a quiet sigh.
I, too, believed that North Korea would one day need to undergo a currency reform.
But if it followed the sa old thods, the effect would be minimal and the confusion would only intensify.
“If the planned economy were functioning properly, and the socialist system were operating smoothly, then a currency reform using the old thods might be possible. But that is not the case now. Back then, cash held little aning for them. Now, cash is their entire property—their basic right to survive. If you attempt to seize that property under the pretext of currency reform......”
I looked Jang Songthaek straight in the eye and finished my sentence.
“That seat could beco dangerous.”
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