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During March of nineteen sixty seven, the Daewoo Group was founded by Kim Woo-Jung. He was the son of Daegu's Provincial Governor. He first graduated from the Kyonggi High School and next went onto the Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became among the Big Four chaebol within South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the business was prominent in expanding its international market securing several joint projects internationally.
In the 1960's, the government of Park Chung Hee started to encourage the development and growth in the country after taking office at the end of the Syngman Rhee government. Exports were promoted in addition to financing industrialization and increasing access to resources to provide protection from competition from the chaebol in exchange for political support. Firstly, the Korean government initiated a series of 5 year plans under which the chaebol were needed to attain a series of certain basic aims.
As soon as the second 5 year plan was applied, Daewoo became a major player. The company significantly benefited from cheap loans sponsored by the government that were based on potential profits earned from exports. Initially, the company concentrated on labor intensive clothing industries and textile which provided high profit margins. South Korea's big workforce was the most significant resource in this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans occurred for Daewoo; Korea's workforce was in high demand. The countries competitive advantage started to dwindle due to increased competition from different nations. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
Ultimately, the government forced Daewoo into ship building Even if Kim was reluctant to enter the industry, Daewoo rapidly earned a reputation for manufacturing competitively priced oil rigs and ships.
Over the following decade, the Korean government brought much more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and encouraged private small companies. While supporting free market trade, they were likewise able to force the chaebol to be more assertive abroad. Daewoo successfully established several joint ventures along with American and European companies. They expanded exports, semiconductor manufacturing and design, machine tools, aerospace interests, and several defense products under the S&T Daewoo Company.
Daewoo ultimately started making less expensive civilian helicopters and airplanes compared to North American counterparts. Next the business expanded more of their efforts into the automotive industry. Remarkably, they became the 6th biggest automobile maker in the world. Through this particular time, Daewoo was able to have great success with reversing faltering companies within Korea.
All through the 80s and 90s, Daewoo moved into various sectors comprising consumer electronics, buildings, telecommunication products, computers and musical instruments like the Daewoo Piano.
