[Inside Chodong] Who Is Fueling the Chaos?

If the impeachment motion had been passed on the 7th, there would have been no need to write this article. The golden time for petrochemical restructuring has passed, the management dispute between Korea Zinc and Youngpoong after 75 years of partnership, the instability factors facing the booming shipbuilding companies, the battery industry ahead of Donald Trump's second term, the situation between Hanwha and HD Hyundai competing over the Korean next-generation destroyer (KDDX), and even POSCO facing its first strike threat since its founding. There were more than enough heavy industrial issues that needed to be revisited. The urgent issues at stake were swept up in the martial law brutally imposed by one person or a group, and its aftermath.

Immediately after martial law, the stock prices plunged nearly 20% within a week, leading Doosan Group to ultimately withdraw the business restructuring plan it had been pursuing since July. Doosan Enerbility’s plan to reduce 720 billion KRW in borrowings and secure 1 trillion KRW in investment capacity was effectively canceled. The funds were intended for large-scale nuclear power plant orders?10 units in countries including the Czech Republic, the United Arab Emirates (UAE), Poland, Sweden, and the Netherlands?and investments in small modular reactor (SMR) facilities with an annual scale of 20 units.

The martial law-induced government vacuum also increased uncertainty around the current administration’s nuclear power policy. The 'RE100 (100% renewable energy use)' initiative, adapted to our reality as the 'Carbon-Free Energy (CFE) Initiative' including nuclear power, is expected to lose momentum. Even the Czech Dukovany nuclear power project has been exposed to uncertainty. As we approach the AI era, which requires massive power, next-generation nuclear power plants emerging as the main power supply risk missing the optimal investment timing. This is not just a problem for Doosan alone.

The economy, often described as a living organism, dislikes 'uncertainty.' Simply put, it must be predictable how much can be earned after investing 10 units for one year, or how much interest will be paid when borrowing money for 10 years. Companies build plans based on such predictions. What if last week’s impeachment vote had been established and the motion passed? Having experienced this twice, wouldn’t economic and social turmoil have been less than it is now? The immediate suspension of duties and transition to an acting authority system could have demonstrated the operation of a normal state system.

The key issue is managing the aftermath. Instead of Yoon Seok-yeol, who is accused of leading a rebellion, the government and ruling party are seeking an 'orderly resignation.' Until the president steps down, the prime minister will closely consult with the party to manage people’s livelihoods and state affairs. Even if interpreted as goodwill to reduce confusion, the problem is that there is no constitutional basis for this, which causes even greater chaos.

It also raises concerns that urgent state affairs are being handled by cabinet members who are subjects of the rebellion investigation. On the 10th, the Special Investigation Unit of the Police National Investigation Headquarters (NIH) under martial law summoned 11 people, including Prime Minister Han Duck-soo and other cabinet members. The so-called 'Han-Han regime' of Prime Minister Han and People Power Party leader Han Dong-hoon, now suspects, will ultimately lead not to political resolution but to a prolonged 'plant government.'

Although joint meetings of economic ministries are held daily, meetings alone cannot solve the problems. International credit rating agencies have repeatedly warned that the unstable political situation is increasing uncertainty in the Korean economy. The chaos will eventually be resolved, but there is too much to lose by hesitating and faltering. It is time to pass the impeachment motion and reduce uncertainty.