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During March of nineteen sixty seven, 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 next went onto the Yonsei University in Seoul where he completed a Degree in Economics. Daewoo became amongst the Big Four chaebol in South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the business was prominent in expanding its worldwide market securing various joint ventures globally.
After the end of the Syngman Rhee government during the 1960s, the new government of Park Chung Hee came aboard to promote growth and development in the country. 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 accomplish a series of certain basic aims.
Daewoo became a major player as soon as the second 5 year plan was applied. The company benefited very much from cheap loans sponsored by the government based upon the probable proceeds which were earned from exports. At first, the company focused on textile and labor intensive clothing industries that provided high profit margins. South Korea's big staff was the most significant resource within this particular 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 because of increased competition from several countries. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
In the long run, Daewoo was forced by the government into shipbuilding. Even if Kim was hesitant to enter the business, Daewoo quickly earned a reputation for making competitively priced oil rigs and ships.
During the next decade, Korea's government became a lot more liberal in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and encouraged private, small businesses, they were able to force the chaebol to be more aggressive overseas, while encouraging the free market trade. Daewoo effectively established numerous joint projects together with American and European businesses. They expanded exports, semiconductor manufacturing and design, machine tools, aerospace interests, and different defense products under the S&T Daewoo Company.
Daewoo finally started constructing less expensive civilian helicopters and airplanes compared to North American counterparts. Then the business expanded more of their efforts into the automotive industry. Remarkably, they became the 6th largest car maker on the globe. All through this particular 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 various other sectors comprising telecommunication products, computers, consumer electronics, buildings and musical instruments like for example the Daewoo Piano.
