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Kim Woo-Jung, the son of Daegu's Provincial Governor, founded the Daewoo group during March of the year 1967. 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 within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was well-known in expanding its worldwide market securing many joint projects globally.
After the end of the Syngman Rhee government during the 1960s, the new government of Park Chung Hee came aboard to encourage growth and development in the nation. This increased access to resources, financed industrialization, promoted exports, provided protection from competition to the chaebol in exchange for a company's political support. Firstly, the Korean government instigated a series of 5 year plans under which the chaebol were required to achieve a series of certain basic aims.
Daewoo became a major player once the second 5 year plan was applied. The business benefited greatly from cheap loans sponsored by the government based upon the possible income that were earned from exports. At first, the business focused on textile and labor intensive clothing industries which provided high profit margins. South Korea's huge workforce was the most significant resource in this particular plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans happened for Daewoo; Korea's workers was in high demand. The nations competitive advantage started to dwindle because of increased competition from various countries. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
Eventually, Daewoo was forced by the government into shipbuilding. Although Kim was hesitant to enter the trade, Daewoo quickly earned a reputation for manufacturing reasonably priced oil rigs and ships.
Over the following decade, the government of Korea brought much more liberal economic policies by loosening the protectionist restrictions on imports, reducing positive discrimination, and encouraged private small businesses. While supporting free market trade, they were also able to force the chaebol to be a lot more assertive abroad. Daewoo effectively started many joint projects together with American and European businesses. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and different defense products under the S&T Daewoo Company.
Daewoo finally began constructing affordable civilian airplanes and helicopters compared to counterparts in North America. Next the company expanded more of their efforts into the automotive trade. Remarkably, they became the 6th biggest automobile maker in the world. Throughout this particular time, Daewoo was able to have great success with reversing faltering businesses within Korea.
Through the 1980s and the early 1900s, the Daewoo Group expanded into various other sectors consisting of consumer electronics, buildings, telecommunication products, computers and musical instruments like for instance the Daewoo Piano.
