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In March of 1967, the Daewoo Group was founded by Kim Woo-Jung. He was the son of Daegu's Provincial Governor. He first graduated from the Kyonggi High School and then studied at Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became amongst the Big Four chaebol in South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was well-known in expanding its international market securing numerous joint projects globally.
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 within 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. At first, the Korean government initiated a series of 5 year plans wherein the chaebol were required to attain a series of specific basic objectives.
Once the second 5 year plan was implemented, Daewoo became a major player. The company significantly benefited from cheap loans sponsored by the government that were based on possible income earned from exports. Firstly, the business focused on textile and labor intensive clothing industries that provided high profit margins. South Korea's large workforce was the most significant resource in this particular plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans occurred for the Daewoo Company. During this era, the country's workforce was in high demand. Korea's competitive edge started eroding as competition from other countries began to happen. 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, the government forced Daewoo into ship building Although Kim was reluctant to enter the trade, Daewoo rapidly earned a reputation for manufacturing reasonably priced oil rigs and ships.
During the next decade, the Korean government brought a lot more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and encouraged small private businesses. While supporting free market trade, they were even able to force the chaebol to be more assertive abroad. Daewoo effectively established several joint projects together 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 Company.
Daewoo finally began constructing lower priced civilian helicopters and airplanes compared to counterparts in North America. After that the business expanded more of their efforts into the automotive trade. Impressively, they became the 6th biggest automobile manufacturer in the world. Throughout this particular time, Daewoo was able to have great success with reversing faltering businesses within Korea.
All through the 80s and 90s, Daewoo moved into various sectors including telecommunication products, computers, consumer electronics, buildings and musical instruments like for example the Daewoo Piano.
