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In March of nineteen sixty seven, the Daewoo Group was founded by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. He first graduated from the Kyonggi High School and then went onto the Yonsei University in Seoul where he finished with 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 company was prominent in expanding its worldwide market securing many joint ventures globally.
After the end of the Syngman Rhee government during the 1960s, the new government of Park Chung Hee came aboard to support development and growth within 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. Initially, the Korean government initiated a series of 5 year plans wherein the chaebol were needed to accomplish a series of specific basic aims.
Daewoo became a major player when the second 5 year plan was implemented. The company benefited very much from government-sponsored cheap loans based upon the potential proceeds that were earned from exports. At first, the business focused on textile and labor intensive clothing industries that provided high profit margins. South Korea's huge staff was the most significant resource within this particular plan.
The time period between 1973 and 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 began eroding as competition from different nations started to happen. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
In the long run, Daewoo was forced by the government into shipbuilding. Even though Kim was reluctant to enter the trade, Daewoo quickly earned a reputation for manufacturing reasonably priced ships and oil rigs.
All through the subsequent decade, Korea's government became more liberal in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and encouraged small, private businesses, they were able to force the chaebol to be more assertive abroad, while encouraging the free market trade. Daewoo effectively started numerous joint ventures with European and American companies. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and various defense products under the S&T Daewoo Business.
Daewoo finally began making cheaper civilian helicopters and airplanes compared to North American counterparts. Then the company expanded more of their efforts into the automotive trade. Remarkably, they became the 6th biggest car manufacturer on the globe. All through this time, Daewoo was able to have great success with reversing faltering companies within Korea.
During the 1980s and the early 1900s, the Daewoo Group expanded into several other sectors consisting of computers, consumer electronics, buildings, telecommunication products and musical instruments such as the Daewoo Piano.
