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Kim Woo-Jung, the son of Daegu's Provincial Governor, established the Daewoo group in March of 1967. He first graduated from the Kyonggi High School and afterward studied at Yonsei University in Seoul where he completed an Economics Degree. Daewoo became one of 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 international market securing many joint projects globally.
In the 1960's, park Chung Hee's government started to support the growth and development in the country 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. Firstly, the Korean government instigated a series of 5 year plans wherein the chaebol were required to attain a series of certain basic aims.
As soon as the second 5 year plan was applied, Daewoo became a major player. The business greatly profited from cheap loans sponsored by the government which were based on probable proceeds earned from exports. Initially, the company focused on textile and labor intensive clothing industries which provided high profit margins. South Korea's large 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 happened for the Daewoo Business. All through this era, the country's workforce was in high demand. Korea's competitive edge started eroding as competition from different nations began to take place. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
Ultimately, the government forced Daewoo into ship building Even though Kim was hesitant to enter the industry, Daewoo swiftly earned a reputation for manufacturing competitively priced oil rigs and ships.
During the next decade, Korea's government became more open-minded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and encouraged small, private companies, they were able to force the chaebol to be more assertive overseas, while supporting the free market trade. Daewoo successfully started various joint ventures together with American and European companies. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and various defense products under the S&T Daewoo Company.
In the end, Daewoo started making civilian helicopters and airplanes that were priced a lot less expensive as opposed to those built by its U.S. counterparts. The business expanded their efforts in the automotive trade. Remarkably, they became the 6th largest automobile maker in the world. Through this time, Daewoo was able to have great success with reversing faltering businesses in Korea.
All through the 80s and 90s, Daewoo moved into various sectors including computers, consumer electronics, buildings, telecommunication products and musical instruments like the Daewoo Piano.
