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During 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 went onto the Yonsei University in Seoul where he completed an Economics Degree. Daewoo became among the Big Four chaebol within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was famous 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 encourage growth and development within the country. This promoted exports, increased access to resources, financed industrialization, provided protection from competition to the chaebol in exchange for a company's political support. Initially, the Korean government initiated a series of 5 year plans wherein the chaebol were needed to attain a series of certain basic objectives.
When the second 5 year plan was implemented, Daewoo became a major player. The company really profited from cheap loans sponsored by the government which were based on likely income earned from exports. Initially, the company focused on labor intensive clothing industries and textile that provided high profit margins. South Korea's big staff was the most significant resource within this plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Company. Throughout this era, the country's labor force was in high demand. Korea's competitive edge started eroding as competition from other countries started to happen. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
Ultimately, the government forced Daewoo into ship building Although Kim was reluctant to enter the business, Daewoo swiftly earned a reputation for making reasonably priced ships and oil rigs.
During the subsequent decade, Korea's government became much more open-minded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and supported private, small businesses, they were able to force the chaebol to be more assertive overseas, while encouraging the free market trade. Daewoo effectively started several joint projects together with European and American businesses. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and several defense products under the S&T Daewoo Company.
Eventually, Daewoo began making civilian helicopters and airplanes which were priced a lot less expensive as opposed to those made by its U.S. counterparts. The business expanded their efforts in the automotive industry. Impressively, they became the 6th largest car maker in the world. Throughout this time, Daewoo was able to have great success with reversing faltering companies within Korea.
All through the 1980s and the early part of the 1900s, the Daewoo Group expanded into different other sectors consisting of computers, consumer electronics, buildings, telecommunication products and musical instruments such as the Daewoo Piano.
