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In the month of March of 1967, the Daewoo Group was started by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. 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 within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the company was well-known in expanding its worldwide market securing several joint projects worldwide.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to promote growth and development in the nation. This promoted exports, increased access to resources, financed industrialization, 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 achieve a series of specific basic aims.
Daewoo became a major player as soon as the second 5 year plan was implemented. The business benefited greatly from cheap loans sponsored by the government based upon the likely income that were earned from exports. Initially, the company concentrated on textile and labor intensive clothing industries that provided high profit margins. South Korea's huge staff was the most important resource within this plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Business. Throughout this era, the country's labor force was in high demand. Korea's competitive edge started eroding as competition from other nations started to take place. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
In the long run, Daewoo was forced into shipbuilding by the government. Though Kim was reluctant to enter the business, Daewoo swiftly earned a reputation for producing reasonably priced oil rigs and ships.
During the next decade, Korea's government became more liberal in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and supported small, private companies, they were able to force the chaebol to be more assertive abroad, while encouraging the free market trade. Daewoo successfully established various joint projects together with American and European businesses. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and several defense products under the S&T Daewoo Business.
Daewoo finally began constructing cheaper civilian helicopters and airplanes compared to North American counterparts. After that the business expanded more of their efforts into the automotive industry. Impressively, they became the 6th biggest automobile manufacturer on the globe. Throughout this particular time, Daewoo was able to have great success with reversing faltering businesses within Korea.
Through the 80s and 90s, Daewoo moved into other sectors including telecommunication products, computers, consumer electronics, buildings and musical instruments like for instance the Daewoo Piano.
