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In March of nineteen sixty seven, the Daewoo Group was founded by Kim Woo-Jung. He was the son of Daegu's Provincial Governor. He first graduated from the Kyonggi High School and then studied at Yonsei University in Seoul where he completed a Degree in Economics. Daewoo became one of 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 international market securing many joint projects internationally.
In the 1960's, the government of Park Chung Hee started to encourage the growth and development 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. Initially, the Korean government instigated a series of 5 year plans under which the chaebol were required to attain a series of certain basic aims.
Once the second 5 year plan was applied, Daewoo became a major player. The business really profited from cheap loans sponsored by the government which were based on possible profits earned from exports. Firstly, the company focused on textile and labor intensive clothing industries that provided high profit margins. South Korea's large labor force was the most significant resource in this 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 Company. During this era, the country's workforce 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 Though Kim was reluctant to enter the business, Daewoo quickly earned a reputation for making competitively priced ships and oil rigs.
Over the following decade, the Korean government brought a lot more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and supported private small businesses. While encouraging free market trade, they were also able to force the chaebol to be more aggressive overseas. Daewoo successfully started various joint projects along with American and European businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and various defense products under the S&T Daewoo Company.
Eventually, Daewoo started producing civilian airplanes and helicopters that were priced a lot cheaper as opposed to those made by its counterparts in the U.S. The company expanded their efforts in the automotive trade. Impressively, they became the 6th largest automobile manufacturer on the globe. During this time, Daewoo was able to have great success with reversing faltering businesses within Korea.
In the 80s and 90s, Daewoo moved into various sectors comprising telecommunication products, computers, consumer electronics, buildings and musical instruments like for example the Daewoo Piano.
