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In March of 1967, the Daewoo Group was founded by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. He first graduated from the Kyonggi High School and afterward studied at Yonsei University in Seoul where he finished with 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 prominent in expanding its global market securing numerous joint projects internationally.
During the 1960's, the government of Park Chung Hee began to promote the development and growth within the nation 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 instigated a series of 5 year plans wherein the chaebol were needed to attain a series of specific basic aims.
As soon as the second 5 year plan was implemented, Daewoo became a major player. The company really profited from government-sponsored cheap loans which were based on likely profits earned from exports. Firstly, the business concentrated on labor intensive clothing industries and textile that provided high profit margins. South Korea's big staff was the most important resource in this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans happened for Daewoo; Korea's labour force was in high demand. The countries competitive advantage started to dwindle because of increased competition from several countries. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
Ultimately, Daewoo was forced into shipbuilding by the government. Even though Kim was hesitant to enter the trade, Daewoo quickly earned a reputation for producing competitively priced oil rigs and ships.
Over the next decade, the Korean government brought more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and supported private small companies. While supporting free market trade, they were also able to force the chaebol to be a lot more aggressive abroad. Daewoo effectively established several joint projects along with European and American companies. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and various defense products under the S&T Daewoo Business.
Eventually, Daewoo began making civilian helicopters and airplanes that were priced a lot cheaper as opposed to those produced by its U.S. counterparts. The business expanded their efforts in the automotive trade. Remarkably, they became the 6th biggest automobile manufacturer in the world. Through this time, Daewoo was able to have great success with reversing faltering businesses in Korea.
During 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.
