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Kim Woo-Jung, the son of Daegu's Provincial Governor, started the Daewoo group during March of the year 1967. He first graduated from the Kyonggi High School and after that went onto the Yonsei University in Seoul where he completed 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 business was famous in expanding its global market securing numerous joint projects internationally.
In the 1960's, the government of Park Chung Hee began to promote the growth and development in the country 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. Firstly, the Korean government instigated a series of 5 year plans under which the chaebol were required to accomplish a series of certain basic objectives.
When the second 5 year plan was applied, Daewoo became a major player. The company significantly benefited from cheap loans sponsored by the government that were based on possible profits earned from exports. Initially, the business concentrated on textile and labor intensive clothing industries which provided high profit margins. South Korea's large 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 Company. Through this era, the country's workers was in high demand. Korea's competitive edge began eroding as competition from different nations 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.
Eventually, Daewoo was forced into shipbuilding by the government. Even though Kim was reluctant to enter the trade, Daewoo swiftly earned a reputation for manufacturing reasonably priced oil rigs and ships.
Throughout the subsequent decade, the Korean government became a lot more liberal in economic policies. As the government loosened protectionist import restrictions, reduced positive discrimination and encouraged private, small companies, they were able to force the chaebol to be more aggressive abroad, while supporting the free market trade. Daewoo effectively established numerous joint ventures along with American and European companies. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and various defense products under the S&T Daewoo Business.
In the end, Daewoo started making civilian airplanes and helicopters that were priced a lot less expensive as opposed to those made by its U.S. counterparts. The company expanded their efforts in the automotive trade. Impressively, they became the 6th largest car maker on the globe. Through this 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 various other sectors including consumer electronics, buildings, telecommunication products, computers and musical instruments such as the Daewoo Piano.
