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Kim Woo-Jung, the son of the Provincial Governor of Daegu, started the Daewoo group in March of nineteen sixty seven. 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 among the Big Four chaebol in South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the company was prominent in expanding its international market securing numerous joint projects internationally.
During the 1960's, the government of Park Chung Hee started to support the growth and development within 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. Initially, the Korean government initiated a series of 5 year plans under which the chaebol were required to accomplish a series of specific basic objectives.
Once the second 5 year plan was implemented, Daewoo became a major player. The business significantly benefited from cheap loans sponsored by the government that were based on possible proceeds earned from exports. Firstly, the company focused on labor intensive clothing industries and textile which provided high profit margins. South Korea's large labor force was the most important resource in this particular 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 Business. During this era, the country's workers was in high demand. Korea's competitive edge started eroding as competition from other nations began to occur. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
Eventually, the government forced Daewoo into ship building Even if Kim was unwilling to enter the industry, Daewoo rapidly earned a reputation for manufacturing competitively 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 small private companies. While supporting free market trade, they were likewise able to force the chaebol to be more assertive overseas. Daewoo successfully established many joint ventures with American and European businesses. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and different defense products under the S&T Daewoo Business.
Daewoo finally started making less expensive civilian airplanes and helicopters compared to counterparts in North America. Then the business expanded more of their efforts into the automotive trade. Remarkably, they became the 6th largest automobile maker in the world. During this particular time, Daewoo was able to have great success with reversing faltering businesses within Korea.
All through the 80s and 90s, Daewoo moved into different sectors consisting of consumer electronics, buildings, telecommunication products, computers and musical instruments such as the Daewoo Piano.
