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Kim Woo-Jung, the son of Daegu's Provincial Governor, established the Daewoo group during the month of March of nineteen sixty seven. He first graduated from the Kyonggi High School and next went onto the 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 an industrial empire and a multi-faceted service conglomerate, the company was prominent in expanding its international market securing many joint projects internationally.
In the 1960's, the government of Park Chung Hee started to promote the development and growth 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. At first, the Korean government initiated a series of 5 year plans under which the chaebol were required to attain a series of certain basic objectives.
As soon as the second 5 year plan was applied, Daewoo became a major player. The company significantly benefited from government-sponsored cheap loans that were based on probable income earned from exports. Firstly, the company concentrated on textile and labor intensive clothing industries that provided high profit margins. South Korea's huge workforce was the most important 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 nations competitive advantage began to dwindle due to increased competition from other nations. In response to this change, the government responded by focusing its effort on mechanical and electrical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
Eventually, the government forced Daewoo into ship building Even if Kim was reluctant to enter the business, Daewoo quickly earned a reputation for producing reasonably priced ships and oil rigs.
During the next decade, the government of Korea brought more liberal economic policies by loosening the protectionist restrictions on imports, reducing positive discrimination, and supported small private companies. While supporting free market trade, they were even able to force the chaebol to be much more assertive abroad. Daewoo effectively started numerous joint ventures along 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 eventually began making less expensive civilian airplanes and helicopters compared to North American counterparts. Next the business expanded more of their efforts into the automotive industry. Remarkably, they became the 6th largest automobile manufacturer in the world. Through this particular time, Daewoo was able to have great success with reversing faltering companies within Korea.
Through the 1980s and the early part of the 1900s, the Daewoo Group expanded into different other sectors consisting of consumer electronics, buildings, telecommunication products, computers and musical instruments like for instance the Daewoo Piano.
