Place the conpoy and dried shrimp in 2 separate small heatproof bowls. Cover each with 1 cup (250ml) boiling water. Stand for 1 hour.

Strain each through fine sieve, reserving their soaking liquid. Place soaked conpoy in a small food processor. Whiz until shredded, then transfer to a small bowl. Place soaked shrimp in same processor. Whiz until chopped and transfer to bowl with conpoy.

Add the eschalot, red chillies and ginger to same processor. Whiz, scraping down the side of bowl occasionally, until finely chopped and a paste forms.

Heat the oil in a large cast-iron frypan over medium-low heat. Add the pancetta. Cook, stirring occasionally, for 3 minutes or until the fat just starts to melt. Add the gochugaru, conpoy and shrimp. Cook, stirring occasionally, for 5 minutes or until starting to look slightly crisp.

Add sauces, rice wine, sugar, 1 tsp fine salt, reserved soaking liquids and eschalot paste. Stir to combine. Cook, stirring occasionally to begin with and more frequently towards the end of cooking, for 2 hours or until mixture has reduced to a rich, slightly sticky consistency, with a thick layer of red-tinged oil on top (the mixture should cook at a consistent and very gentle bubble).

Immediately spoon into a 4-cup (1L) capacity sterilised jar, wipe rim clean with paper towel, seal and stand at room temperature until completely cooled. Chill for 1 week before using. Stir well before using or serving.