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Kim Woo-Jung, the son of Daegu's Provincial Governor, founded the Daewoo group during the month of March of 1967. He first graduated from the Kyonggi High School and afterward studied at Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became amongst the Big Four chaebol in South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the company was prominent in expanding its global market securing various joint projects globally.
In the 1960's, the government of Park Chung Hee started to promote the development and growth within the nation after taking office at the end of the Syngman Rhee government. Exports were promoted in addition to financing industrialization and increasing access to resources to provide protection from competition from the chaebol in exchange for political support. Initially, the Korean government initiated a series of 5 year plans under which the chaebol were required to attain a series of certain basic aims.
Daewoo became a major player as soon as the second 5 year plan was implemented. The business profited very much from cheap loans sponsored by the government based upon the likely profits which were earned from exports. At first, the business focused on labor intensive clothing industries and textile that provided high profit margins. South Korea's big staff was the most important resource in this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans occurred for Daewoo; Korea's workers was in high demand. The nations competitive advantage started to dwindle because of increased competition from different nations. In response to this change, the government responded by focusing its effort on mechanical and electrical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
Sooner or later, Daewoo was forced into shipbuilding by the government. Even though Kim was reluctant to enter the trade, Daewoo rapidly earned a reputation for producing competitively priced ships and oil rigs.
Throughout the subsequent decade, Korea's government became a lot more liberal in economic policies. As the government loosened protectionist import restrictions, reduced positive discrimination and supported private, small businesses, they were able to force the chaebol to be more assertive abroad, while encouraging the free market trade. Daewoo effectively established numerous joint ventures with European and American companies. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and several defense products under the S&T Daewoo Company.
In the end, Daewoo started making civilian airplanes and helicopters which were priced much cheaper than those produced by its U.S. counterparts. The company expanded their efforts in the automotive trade. Impressively, they became the 6th largest car manufacturer on the globe. Through this particular time, Daewoo was able to have great success with reversing faltering businesses in Korea.
Through the 80s and 90s, Daewoo moved into various sectors consisting of consumer electronics, buildings, telecommunication products, computers and musical instruments like for example the Daewoo Piano.
