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In March of nineteen sixty seven, the Daewoo Group was established by Kim Woo-Jung. He was the son of Daegu's Provincial Governor. He first graduated from the Kyonggi High School and after that studied at Yonsei University in Seoul where he finished with a Degree in Economics. Daewoo became one of the Big Four chaebol within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the company was prominent in expanding its global market securing several joint projects worldwide.
After the end of the Syngman Rhee government in the 1960s, Park Chung Hee's new government came aboard to promote development and growth within the country. This financed industrialization, promoted exports, increased access to resources, provided protection from competition to the chaebol in exchange for a company's political support. Firstly, the Korean government instigated a series of 5 year plans under which the chaebol were needed to accomplish a series of specific 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 textile and labor intensive clothing industries that provided high profit margins. South Korea's huge workforce was the most important resource in this plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Business. In this era, the country's labor force was in high demand. Korea's competitive edge began eroding as competition from different countries started to occur. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
Ultimately, the government forced Daewoo into ship building Even though Kim was hesitant to enter the business, Daewoo rapidly earned a reputation for manufacturing reasonably priced oil rigs and ships.
Over the following decade, the government of Korea brought much more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and supported small private companies. While supporting free market trade, they were also able to force the chaebol to be a lot more aggressive overseas. Daewoo successfully established several joint projects with American and European companies. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and several defense products under the S&T Daewoo Company.
Daewoo eventually began constructing lower priced civilian helicopters and airplanes compared to counterparts in North America. Next the business expanded more of their efforts into the automotive industry. Remarkably, they became the 6th biggest car manufacturer in the world. Through this particular time, Daewoo was able to have great success with reversing faltering companies in Korea.
All through the 1980s and the early 1900s, the Daewoo Group expanded into various other sectors including consumer electronics, buildings, telecommunication products, computers and musical instruments such as the Daewoo Piano.
