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During March of the year 1967, the Daewoo Group was established by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. He first graduated from the Kyonggi High School and after that 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 famous in expanding its worldwide market securing several joint ventures internationally.
In the 1960's, the government of Park Chung Hee started to support the development and growth within the nation after taking office at the end of the Syngman Rhee government. Exports were promoted in addition to increasing access to resources and financing industrialization to provide protection from competition from the chaebol in exchange for political support. At first, the Korean government instigated a series of 5 year plans wherein the chaebol were required to accomplish a series of specific basic objectives.
Daewoo became a major player as soon as the second 5 year plan was implemented. The business benefited significantly from cheap loans sponsored by the government based upon the possible proceeds which were earned from exports. Initially, the company focused on textile and labor intensive clothing industries which provided high profit margins. South Korea's big workforce was the most significant resource within this plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Business. All through this era, the country's workers was in high demand. Korea's competitive edge began eroding as competition from other nations started to occur. In response to this change, the government responded by focusing its effort on mechanical and electrical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
Eventually, Daewoo was forced by the government into shipbuilding. Although Kim was reluctant to enter the industry, Daewoo swiftly earned a reputation for manufacturing competitively priced ships and oil rigs.
During the following decade, the Korean government brought a lot more liberal economic policies by loosening the protectionist restrictions on imports, reducing positive discrimination, and supported private small businesses. While encouraging free market trade, they were also able to force the chaebol to be a lot more assertive overseas. Daewoo effectively established several joint ventures with American and European companies. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and various defense products under the S&T Daewoo Business.
Daewoo ultimately started constructing less expensive civilian airplanes and helicopters compared to counterparts in North America. After that the business expanded more of their efforts into the automotive industry. Remarkably, they became the 6th largest automobile maker in the world. Through this time, Daewoo was able to have great success with reversing faltering businesses in Korea.
Through the 80s and 90s, Daewoo moved into other sectors consisting of computers, consumer electronics, buildings, telecommunication products and musical instruments like for instance the Daewoo Piano.
