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During March of the year 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 afterward went onto the Yonsei University in Seoul where he completed an Economics Degree. Daewoo became one of 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 worldwide.
After the end of the Syngman Rhee government in the 1960s, the new government of Park Chung Hee came aboard to promote development and growth 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. Firstly, the Korean government initiated a series of 5 year plans under which the chaebol were needed to accomplish a series of specific basic objectives.
Daewoo became a major player when the second 5 year plan was applied. The business profited significantly from cheap loans sponsored by the government based upon the possible profits which were earned from exports. At first, the company concentrated on textile and labor intensive clothing industries that provided high profit margins. South Korea's large staff was the most important resource within this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans occurred for Daewoo; Korea's labour force was in high demand. The nations competitive advantage started to dwindle due to increased competition from other countries. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
In the end, Daewoo was forced into shipbuilding by the government. Though Kim was hesitant to enter the trade, Daewoo swiftly earned a reputation for producing reasonably priced ships and oil rigs.
During the following 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 encouraging free market trade, they were also able to force the chaebol to be a lot more aggressive overseas. Daewoo effectively started several joint projects along with European and American businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and several defense products under the S&T Daewoo Company.
In time, Daewoo began building civilian airplanes and helicopters which were priced a lot less expensive than those made by its counterparts in the U.S. The company expanded their efforts in the automotive industry. Impressively, they became the 6th largest automobile manufacturer on the globe. During this particular time, Daewoo was able to have great success with reversing faltering companies in Korea.
Throughout the 80s and 90s, Daewoo moved into other sectors comprising telecommunication products, computers, consumer electronics, buildings and musical instruments like for instance the Daewoo Piano.
