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In March of nineteen sixty seven, the Daewoo Group was started by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. He first graduated from the Kyonggi High School and then studied at Yonsei University in Seoul where he finished with a Degree in Economics. Daewoo became amongst the Big Four chaebol in South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the company was well-known in expanding its international market securing numerous joint ventures internationally.
After the end of the Syngman Rhee government in the 1960s, the new government of Park Chung Hee came aboard to promote growth and development in the nation. This financed industrialization, promoted exports, increased access to resources, provided protection from competition to the chaebol in exchange for a company's political support. At first, the Korean government instigated a series of 5 year plans wherein the chaebol were needed to accomplish a series of certain basic aims.
Once the second 5 year plan was implemented, Daewoo became a major player. The business greatly benefited from government-sponsored cheap loans that were based on potential income earned from exports. Firstly, the business focused on textile and labor intensive clothing industries which provided high profit margins. South Korea's large staff was the most significant resource within this particular plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans happened for Daewoo; Korea's workers was in high demand. The nations competitive advantage began to dwindle due to increased competition from several nations. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
Sooner or later, Daewoo was forced into shipbuilding by the government. Even if Kim was unwilling to enter the business, Daewoo swiftly earned a reputation for producing competitively priced oil rigs and ships.
Over the next decade, the government of Korea brought much more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and encouraged private small companies. While supporting free market trade, they were also able to force the chaebol to be a lot more assertive overseas. Daewoo successfully started many joint ventures with European and American businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and different defense products under the S&T Daewoo Company.
Eventually, Daewoo began making civilian airplanes and helicopters that were priced much less expensive as opposed to those produced by its U.S. counterparts. The business expanded their efforts in the automotive industry. Impressively, they became the 6th largest car manufacturer on the globe. All through this time, Daewoo was able to have great success with reversing faltering businesses in Korea.
Through the 80s and 90s, Daewoo moved into various sectors comprising buildings, telecommunication products, computers, consumer electronics and musical instruments like for example the Daewoo Piano.
