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During the month of March of 1967, 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 after that went onto the Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became among the Big Four chaebol within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was well-known in expanding its international market securing several joint ventures internationally.
After the end of the Syngman Rhee government during the 1960s, the new government of Park Chung Hee came aboard to encourage growth and development in 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 wherein the chaebol were needed to accomplish a series of certain basic aims.
Daewoo became a major player as soon as the second 5 year plan was applied. The business profited greatly from government-sponsored cheap loans based upon the probable proceeds that were earned from exports. At first, the company concentrated on labor intensive clothing industries and textile which provided high profit margins. South Korea's huge workforce 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 happened for the Daewoo Company. In this era, the country's workers was in high demand. Korea's competitive edge began eroding as competition from other nations started to happen. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
Ultimately, the government forced Daewoo into ship building Although Kim was unwilling to enter the industry, Daewoo quickly earned a reputation for producing competitively priced ships and oil rigs.
During the next decade, the Korean government brought much more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and supported small private businesses. While supporting free market trade, they were likewise able to force the chaebol to be more aggressive abroad. Daewoo successfully established numerous joint ventures along with European and American businesses. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and various defense products under the S&T Daewoo Business.
In time, Daewoo began building civilian helicopters and airplanes that were priced much cheaper compared to those built by its counterparts in the U.S. The company expanded their efforts in the automotive industry. Impressively, they became the 6th largest car manufacturer in the world. All through this particular time, Daewoo was able to have great success with reversing faltering businesses in Korea.
Throughout the 1980s and the early 1900s, the Daewoo Group expanded into different other sectors including computers, consumer electronics, buildings, telecommunication products and musical instruments like for instance the Daewoo Piano.
