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Kim Woo-Jung, the son of the Provincial Governor of Daegu, started the Daewoo group in March of nineteen sixty seven. He first graduated from the Kyonggi High School and then studied at Yonsei University in Seoul where he completed an Economics Degree. Daewoo became one of 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 various joint projects globally.
In the 1960's, the government of Park Chung Hee started to promote the growth and development within 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. Firstly, the Korean government initiated a series of 5 year plans wherein the chaebol were needed to attain a series of particular basic aims.
When the second 5 year plan was applied, Daewoo became a major player. The company greatly benefited from government-sponsored cheap loans which were based on likely profits earned from exports. Firstly, the business focused on textile and labor intensive clothing industries which provided high profit margins. South Korea's big workforce was the most significant resource within this plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans occurred for the Daewoo Business. Through this era, the country's labor force was in high demand. Korea's competitive edge started eroding as competition from various nations started to take place. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
In time, Daewoo was forced into shipbuilding by the government. Even if Kim was hesitant to enter the trade, Daewoo rapidly earned a reputation for making reasonably priced oil rigs and ships.
During the next decade, the Korean government brought more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and supported small private businesses. While encouraging free market trade, they were also able to force the chaebol to be a lot more aggressive abroad. Daewoo successfully established many joint projects together with American and European businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and various defense products under the S&T Daewoo Business.
Daewoo ultimately started producing less expensive civilian airplanes and helicopters compared to North American counterparts. Afterward the company expanded more of their efforts into the automotive industry. Impressively, they became the 6th largest automobile manufacturer in the world. All through this particular time, Daewoo was able to have great success with reversing faltering companies in Korea.
All through the 80s and 90s, Daewoo moved into different sectors comprising consumer electronics, buildings, telecommunication products, computers and musical instruments like for instance the Daewoo Piano.
