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In the month of March of nineteen sixty seven, 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 a Degree in Economics. Daewoo became one of the Big Four chaebol in South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the company was famous in expanding its international market securing many joint ventures internationally.
During the 1960's, park Chung Hee's government began to promote the development and growth in the nation after taking office at the end of the Syngman Rhee government. Exports were promoted in addition to financing industrialization and increasing access to resources to provide protection from competition from the chaebol in exchange for political support. At first, the Korean government initiated a series of 5 year plans wherein the chaebol were needed to achieve a series of certain basic objectives.
Once the second 5 year plan was implemented, Daewoo became a major player. The company really benefited from government-sponsored cheap loans which were based on potential income earned from exports. At first, the company focused on labor intensive clothing industries and textile which provided high profit margins. South Korea's big staff was the most significant resource within this plan.
The time period between the year 1973 and the year 1981 was when the third and fourth 5 year plans occurred for the Daewoo Company. All through this era, the country's workers was in high demand. Korea's competitive edge began eroding as competition from different countries began to take place. In response to this change, the government responded by focusing its effort on mechanical and electrical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
In the end, Daewoo was forced by the government into shipbuilding. Though Kim was unwilling to enter the trade, Daewoo swiftly earned a reputation for making competitively priced oil rigs and ships.
During the following decade, the government of Korea brought a lot more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and encouraged private small companies. While encouraging free market trade, they were likewise able to force the chaebol to be more aggressive abroad. Daewoo successfully established several joint ventures 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 eventually started constructing less expensive civilian helicopters and airplanes compared to counterparts in North America. Next the company expanded more of their efforts into the automotive industry. Impressively, they became the 6th largest automobile maker in the world. During this time, Daewoo was able to have great success with reversing faltering businesses in Korea.
All through the 80s and 90s, Daewoo moved into various sectors comprising computers, consumer electronics, buildings, telecommunication products and musical instruments such as the Daewoo Piano.
