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In March of 1967, 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 after that 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 business was famous in expanding its worldwide market securing several joint ventures worldwide.
After the end of the Syngman Rhee government in the 1960s, Park Chung Hee's new government came aboard to support growth and development in the country. This financed industrialization, promoted exports, increased access to resources, provided protection from competition to the chaebol in exchange for a company's political support. Initially, the Korean government instigated a series of 5 year plans wherein the chaebol were needed to achieve a series of certain basic aims.
Daewoo became a major player once the second 5 year plan was applied. The business profited significantly from cheap loans sponsored by the government based upon the potential income which were earned from exports. Firstly, the company concentrated on labor intensive clothing industries and textile which provided high profit margins. South Korea's huge staff was the most important resource in this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans occurred for Daewoo; Korea's workforce was in high demand. The countries competitive advantage started to dwindle due to increased competition from various countries. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
Eventually, Daewoo was forced by the government into shipbuilding. Though Kim was reluctant to enter the business, Daewoo swiftly earned a reputation for manufacturing reasonably priced ships and oil rigs.
Over the following decade, the government of Korea brought more liberal economic policies by loosening the protectionist restrictions on imports, reducing positive discrimination, and encouraged small private businesses. While encouraging free market trade, they were even able to force the chaebol to be more assertive overseas. Daewoo effectively established many joint projects along with American and European businesses. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and various defense products under the S&T Daewoo Company.
In time, Daewoo began making civilian helicopters and airplanes that were priced a lot cheaper compared to those produced by its counterparts in the U.S. The company expanded their efforts in the automotive trade. Impressively, they became the 6th largest automobile maker in the world. Throughout this particular time, Daewoo was able to have great success with reversing faltering companies in Korea.
In the 1980s and the early 1900s, the Daewoo Group expanded into several other sectors including telecommunication products, computers, consumer electronics, buildings and musical instruments like for example the Daewoo Piano.
