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Kim Woo-Jung, the son of the Provincial Governor of Daegu, established the Daewoo group in the month of March of nineteen sixty seven. He first graduated from the Kyonggi High School and next went onto the Yonsei University in Seoul where he finished with a Degree in Economics. Daewoo became amongst the Big Four chaebol within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the company was well-known in expanding its worldwide market securing various joint projects worldwide.
After the end of the Syngman Rhee government in the 1960s, the new government of Park Chung Hee came aboard to support 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 initiated a series of 5 year plans wherein the chaebol were needed to attain a series of particular basic objectives.
Daewoo became a major player once the second 5 year plan was applied. The company benefited very much from cheap loans sponsored by the government based upon the potential profits that were earned from exports. At first, the company focused on textile and labor intensive clothing industries which provided high profit margins. South Korea's large labor force was the most significant resource in this particular plan.
The time period between the year 1973 and the year 1981 was when the third and fourth 5 year plans happened for the Daewoo Company. In this era, the country's labor force was in high demand. Korea's competitive edge started eroding as competition from different countries began to take place. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
In the long run, Daewoo was forced by the government into shipbuilding. Even though Kim was hesitant to enter the industry, Daewoo swiftly earned a reputation for manufacturing competitively priced ships and oil rigs.
During the next decade, the Korean government brought more liberal economic policies by loosening the protectionist restrictions on imports, reducing positive discrimination, and supported private small companies. While supporting free market trade, they were also able to force the chaebol to be much more assertive abroad. Daewoo successfully established several joint ventures with American and European businesses. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and various defense products under the S&T Daewoo Company.
In time, Daewoo started producing civilian helicopters and airplanes which were priced a lot less expensive than those made by its U.S. counterparts. The business expanded their efforts in the automotive trade. Remarkably, they became the 6th largest car maker on the globe. All through this time, Daewoo was able to have great success with reversing faltering companies in Korea.
During the 1980s and the early part of the 1900s, the Daewoo Group expanded into several other sectors consisting of consumer electronics, buildings, telecommunication products, computers and musical instruments such as the Daewoo Piano.
