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Kim Woo-Jung, the son of Daegu's Provincial Governor, established the Daewoo group during the month of March of 1967. He first graduated from the Kyonggi High School and after that went onto the Yonsei University in Seoul where he completed an Economics Degree. Daewoo became amongst the Big Four chaebol in South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the business was famous in expanding its worldwide market securing many joint projects worldwide.
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 within the nation. This financed industrialization, promoted exports, increased access to resources, 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 needed to accomplish a series of specific basic aims.
Daewoo became a major player when the second 5 year plan was applied. The company benefited greatly from government-sponsored cheap loans based upon the probable 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 huge workforce was the most important resource in this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans happened for Daewoo; Korea's workers was in high demand. The countries competitive advantage began to dwindle because of increased competition from other nations. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
In the long run, Daewoo was forced by the government into shipbuilding. Though Kim was reluctant to enter the industry, Daewoo rapidly earned a reputation for producing reasonably priced ships and oil rigs.
During the following decade, the Korean government became much more open-minded 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 much more aggressive abroad, while supporting the free market trade. Daewoo successfully started several joint ventures along with European and American businesses. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and various defense products under the S&T Daewoo Company.
In time, Daewoo began building civilian helicopters and airplanes which were priced a lot cheaper as opposed to those made by its U.S. counterparts. The business expanded their efforts in the automotive industry. Impressively, they became the 6th biggest automobile maker on the globe. Throughout 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 comprising telecommunication products, computers, consumer electronics, buildings and musical instruments like for example the Daewoo Piano.
