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In the month of March of 1967, 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 next studied at Yonsei University in Seoul where he finished with 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 various joint projects globally.
In the 1960's, park Chung Hee's government began to support the growth and development in the country 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. Initially, the Korean government initiated a series of 5 year plans under which the chaebol were required to achieve a series of certain basic objectives.
When 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 possible profits earned from exports. Firstly, the business 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 happened for Daewoo; Korea's workforce was in high demand. The countries competitive advantage began to dwindle due to increased competition from various nations. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
Eventually, Daewoo was forced into shipbuilding by the government. Although Kim was reluctant to enter the trade, Daewoo rapidly earned a reputation for manufacturing reasonably priced ships and oil rigs.
Throughout the subsequent decade, Korea's government became more broadminded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and encouraged small, private companies, they were able to force the chaebol to be a lot more aggressive abroad, while supporting the free market trade. Daewoo successfully established various joint projects together with European and American businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and various defense products under the S&T Daewoo Business.
In the end, Daewoo began producing civilian airplanes and helicopters which were priced much less expensive as opposed to those built by its counterparts in the U.S. The company expanded their efforts in the automotive industry. Impressively, they became the 6th biggest automobile maker on the globe. Through this time, Daewoo was able to have great success with reversing faltering businesses within Korea.
Through the 80s and 90s, Daewoo moved into various sectors comprising buildings, telecommunication products, computers, consumer electronics and musical instruments such as the Daewoo Piano.
