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Kim Woo-Jung, the son of the Provincial Governor of Daegu, founded the Daewoo group in the month of March of nineteen sixty seven. He first graduated from the Kyonggi High School and then studied at Yonsei University in Seoul where he completed an Economics Degree. Daewoo became one of the Big Four chaebol within South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the business was famous in expanding its global market securing several joint projects worldwide.
During the 1960's, the government of Park Chung Hee started to support the development and growth 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. Initially, the Korean government initiated a series of 5 year plans wherein the chaebol were needed to attain a series of certain basic objectives.
Daewoo became a major player once the second 5 year plan was implemented. The company benefited very much from government-sponsored cheap loans based upon the possible proceeds which were earned from exports. Firstly, the business focused on labor intensive clothing industries and textile which provided high profit margins. South Korea's large staff was the most significant resource within this 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. In this era, the country's workforce was in high demand. Korea's competitive edge started eroding as competition from other nations started to occur. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
In time, Daewoo was forced into shipbuilding by the government. Even though Kim was unwilling to enter the business, Daewoo swiftly earned a reputation for manufacturing competitively priced oil rigs and ships.
Throughout the next decade, Korea's government became much 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 much more assertive abroad, while supporting the free market trade. Daewoo effectively established many joint projects together with European and American companies. They expanded exports, semiconductor manufacturing and design, machine tools, aerospace interests, and different defense products under the S&T Daewoo Business.
Eventually, Daewoo started making civilian helicopters and airplanes which were priced much cheaper as opposed to those made by its counterparts in the U.S. The company expanded their efforts in the automotive industry. Impressively, they became the 6th biggest car manufacturer in the world. Through this time, Daewoo was able to have great success with reversing faltering businesses in Korea.
Throughout the 80s and 90s, Daewoo moved into other sectors comprising buildings, telecommunication products, computers, consumer electronics and musical instruments such as the Daewoo Piano.
