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During March of 1967, the Daewoo Group was started by Kim Woo-Jung. He was the son of Daegu's Provincial Governor. He first graduated from the Kyonggi High School and afterward went onto the Yonsei University in Seoul where he finished with 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 business was famous in expanding its worldwide market securing many joint ventures worldwide.
After the end of the Syngman Rhee government during the 1960s, the new government of Park Chung Hee came aboard to encourage growth and development within the nation. This promoted exports, increased access to resources, financed industrialization, provided protection from competition to the chaebol in exchange for a company's political support. Firstly, the Korean government initiated a series of 5 year plans under which the chaebol were needed to achieve a series of particular basic aims.
Daewoo became a major player when the second 5 year plan was applied. The company benefited greatly from cheap loans sponsored by the government based upon the likely income that were earned from exports. Initially, the company focused on textile and labor intensive clothing industries that provided high profit margins. South Korea's big labor force was the most significant resource in this particular plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Company. In this era, the country's labor force was in high demand. Korea's competitive edge started eroding as competition from different countries began to happen. In response to this change, the government responded by concentrating 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. Though Kim was unwilling to enter the trade, Daewoo rapidly earned a reputation for manufacturing reasonably priced ships and oil rigs.
During the subsequent decade, the Korean government became a lot more broadminded in economic policies. As the government loosened protectionist import restrictions, reduced positive discrimination and supported small, private businesses, they were able to force the chaebol to be a lot more aggressive overseas, while supporting the free market trade. Daewoo successfully established numerous joint ventures along with American and European companies. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and different defense products under the S&T Daewoo Business.
In the end, Daewoo started making civilian airplanes and helicopters that were priced much less expensive as opposed to those built by its counterparts in the U.S. The business expanded their efforts in the automotive industry. Remarkably, they became the 6th largest automobile maker in the world. All through this time, Daewoo was able to have great success with reversing faltering companies in Korea.
All through the 80s and 90s, Daewoo moved into various sectors consisting of telecommunication products, computers, consumer electronics, buildings and musical instruments like the Daewoo Piano.
