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Kim Woo-Jung, the son of the Provincial Governor of Daegu, established the Daewoo group in the month of March of the year 1967. He first graduated from the Kyonggi High School and next studied at Yonsei University in Seoul where he completed a Degree in Economics. Daewoo became one of the Big Four chaebol within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the company was prominent in expanding its global market securing many joint ventures internationally.
During the 1960's, park Chung Hee's government began to encourage 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 attain a series of particular basic objectives.
Daewoo became a major player when the second 5 year plan was implemented. The company benefited greatly from cheap loans sponsored by the government based upon the potential proceeds that were earned from exports. Firstly, the company focused on textile and labor intensive clothing industries that provided high profit margins. South Korea's big staff was the most significant resource within this particular 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. Through this era, the country's labor force was in high demand. Korea's competitive edge began eroding as competition from various countries started to take place. In response to this change, the government responded by focusing its effort on mechanical and electrical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
Sooner or later, Daewoo was forced into shipbuilding by the government. Even though Kim was unwilling to enter the business, Daewoo quickly earned a reputation for manufacturing competitively priced ships and oil rigs.
Throughout the subsequent 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 companies, they were able to force the chaebol to be much more aggressive overseas, while supporting the free market trade. Daewoo successfully started several joint ventures with American and European businesses. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and various defense products under the S&T Daewoo Business.
In the end, Daewoo began producing civilian helicopters and airplanes that were priced much less expensive as opposed to those produced by its counterparts in the U.S. The business expanded their efforts in the automotive industry. Remarkably, they became the 6th biggest automobile maker on the globe. All through this time, Daewoo was able to have great success with reversing faltering companies within Korea.
By the 1980s and the early part of the 1900s, the Daewoo Group expanded into various other sectors comprising buildings, telecommunication products, computers, consumer electronics and musical instruments such as the Daewoo Piano.
