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Kim Woo-Jung, the son of Daegu's Provincial Governor, established the Daewoo group in the month of March of 1967. He first graduated from the Kyonggi High School and next 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 a multi-faceted service conglomerate and an industrial empire, the company was prominent in expanding its international market securing various joint projects globally.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to support development and growth in the country. 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 particular basic aims.
Daewoo became a major player when the second 5 year plan was applied. The company profited very much from government-sponsored cheap loans based upon the potential income which were earned from exports. Initially, the company concentrated on labor intensive clothing industries and textile that provided high profit margins. South Korea's large workforce was the most significant resource in this plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Company. During this era, the country's labor force was in high demand. Korea's competitive edge began eroding as competition from other nations began to happen. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
In the long run, Daewoo was forced by the government into shipbuilding. Even though Kim was reluctant to enter the trade, Daewoo rapidly earned a reputation for making reasonably priced oil rigs and ships.
During the subsequent decade, the Korean government became much more liberal in economic policies. As the government loosened protectionist import restrictions, reduced positive discrimination and supported private, small companies, they were able to force the chaebol to be a lot more assertive overseas, while encouraging the free market trade. Daewoo successfully established several joint ventures with European and American businesses. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and various defense products under the S&T Daewoo Business.
Daewoo ultimately started constructing affordable civilian airplanes and helicopters compared to North American counterparts. Afterward the company expanded more of their efforts into the automotive trade. Remarkably, they became the 6th largest automobile maker on the globe. Throughout this particular time, Daewoo was able to have great success with reversing faltering businesses within Korea.
By the 1980s and the early 1900s, the Daewoo Group expanded into various other sectors consisting of telecommunication products, computers, consumer electronics, buildings and musical instruments such as the Daewoo Piano.
