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Kim Woo-Jung, the son of Daegu's Provincial Governor, founded the Daewoo group in the month of March of the year 1967. He first graduated from the Kyonggi High School and next studied at Yonsei University in Seoul where he completed a Degree in Economics. Daewoo became among the Big Four chaebol within South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the business was well-known in expanding its global market securing various joint ventures worldwide.
After the end of the Syngman Rhee government in the 1960s, Park Chung Hee's new government came aboard to support growth and development in 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 required to attain a series of certain basic aims.
When the second 5 year plan was implemented, Daewoo became a major player. The business significantly profited from government-sponsored cheap loans that were based on potential income earned from exports. Firstly, the company focused on labor intensive clothing industries and textile which provided high profit margins. South Korea's huge staff was the most significant resource in this particular plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans occurred for Daewoo; Korea's workers 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.
Eventually, Daewoo was forced into shipbuilding by the government. Even though Kim was unwilling to enter the trade, Daewoo quickly earned a reputation for making competitively priced ships and oil rigs.
Over the following decade, the government of Korea brought more liberal economic policies by loosening the protectionist restrictions on imports, reducing positive discrimination, and encouraged small private businesses. While encouraging free market trade, they were also able to force the chaebol to be more assertive overseas. Daewoo effectively started various joint ventures along with American and European companies. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and several defense products under the S&T Daewoo Company.
In time, Daewoo started producing civilian helicopters and airplanes that were priced a lot less expensive compared to those produced by its U.S. counterparts. The business expanded their efforts in the automotive trade. Remarkably, they became the 6th biggest automobile maker on the globe. Through this time, Daewoo was able to have great success with reversing faltering businesses within Korea.
All through the 80s and 90s, Daewoo moved into other sectors including computers, consumer electronics, buildings, telecommunication products and musical instruments like for example the Daewoo Piano.
