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During the month of March of the year 1967, the Daewoo Group was started 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 a Degree in Economics. Daewoo became among the Big Four chaebol in South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was well-known in expanding its worldwide market securing several joint projects globally.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to promote growth and development within 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. Initially, the Korean government instigated a series of 5 year plans under which the chaebol were needed to accomplish a series of particular basic aims.
When the second 5 year plan was applied, Daewoo became a major player. The company significantly profited from cheap loans sponsored by the government which were based on potential proceeds earned from exports. Initially, 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 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 countries competitive advantage began to dwindle because of increased competition from other countries. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
Eventually, the government forced Daewoo into ship building Even though Kim was unwilling to enter the industry, Daewoo rapidly earned a reputation for producing competitively priced ships and oil rigs.
During the next decade, the government of Korea brought much more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and supported small private companies. While encouraging free market trade, they were likewise able to force the chaebol to be a lot more assertive abroad. Daewoo successfully started several joint ventures 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 Business.
Daewoo finally began constructing affordable civilian airplanes and helicopters compared to counterparts in North America. Next the business expanded more of their efforts into the automotive industry. Remarkably, they became the 6th largest car manufacturer on the globe. Through this time, Daewoo was able to have great success with reversing faltering companies in Korea.
During the 1980s and the early 1900s, the Daewoo Group expanded into several other sectors including computers, consumer electronics, buildings, telecommunication products and musical instruments like for instance the Daewoo Piano.
