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Kim Woo-Jung, the son of Daegu's Provincial Governor, founded the Daewoo group during the month of March of nineteen sixty seven. He first graduated from the Kyonggi High School and after that studied at Yonsei University in Seoul where he completed an Economics Degree. Daewoo became among the Big Four chaebol in South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the company was famous in expanding its global market securing many joint ventures globally.
During the 1960's, park Chung Hee's government began to promote the growth and development in the country after taking office at the end of the Syngman Rhee government. Exports were promoted in addition to increasing access to resources and financing industrialization to provide protection from competition from the chaebol in exchange for political support. Initially, the Korean government initiated a series of 5 year plans wherein the chaebol were required to attain a series of certain basic aims.
When the second 5 year plan was implemented, Daewoo became a major player. The business greatly benefited from cheap loans sponsored by the government which were based on likely income earned from exports. Initially, the business focused on labor intensive clothing industries and textile which provided high profit margins. South Korea's huge labor force was the most significant resource within this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans occurred for Daewoo; Korea's labour force was in high demand. The nations competitive advantage began to dwindle because of increased competition from different countries. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
In the long run, Daewoo was forced by the government into shipbuilding. Even if Kim was hesitant to enter the business, Daewoo rapidly earned a reputation for making competitively priced oil rigs and ships.
Over the next decade, the Korean government brought a lot more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and supported private small businesses. While supporting free market trade, they were even able to force the chaebol to be a lot more aggressive overseas. Daewoo effectively established several joint projects along with American and European companies. They expanded exports, semiconductor manufacturing and design, machine tools, aerospace interests, and various defense products under the S&T Daewoo Business.
In time, Daewoo began producing civilian helicopters and airplanes which were priced a lot less expensive than those produced by its counterparts in the U.S. The business expanded their efforts in the automotive industry. Remarkably, they became the 6th biggest automobile manufacturer on the globe. Throughout this particular time, Daewoo was able to have great success with reversing faltering businesses in Korea.
In the 1980s and the early 1900s, the Daewoo Group expanded into various other sectors consisting of consumer electronics, buildings, telecommunication products, computers and musical instruments like the Daewoo Piano.
