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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 studied at Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became among the Big Four chaebol in South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the company was famous in expanding its global market securing many joint projects globally.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to support growth and development within 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. Firstly, the Korean government initiated a series of 5 year plans under which the chaebol were required to achieve a series of specific basic aims.
Daewoo became a major player once the second 5 year plan was applied. The company profited greatly from cheap loans sponsored by the government based upon the possible profits that were earned from exports. Initially, the company 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 particular plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Business. During this era, the country's workers was in high demand. Korea's competitive edge began eroding as competition from other nations started to happen. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
Ultimately, Daewoo was forced into shipbuilding by the government. Even if Kim was reluctant to enter the trade, Daewoo quickly earned a reputation for producing competitively priced ships and oil rigs.
Throughout the next decade, the Korean government became a lot more broadminded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and supported small, private companies, they were able to force the chaebol to be much more assertive overseas, while supporting the free market trade. Daewoo effectively established numerous joint projects together with European and American companies. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and various defense products under the S&T Daewoo Company.
Daewoo ultimately began constructing lower priced civilian airplanes and helicopters compared to counterparts in North America. Afterward the company expanded more of their efforts into the automotive industry. Remarkably, they became the 6th biggest car manufacturer on the globe. Through this particular time, Daewoo was able to have great success with reversing faltering companies within Korea.
Through the 1980s and the early 1900s, the Daewoo Group expanded into different other sectors consisting of buildings, telecommunication products, computers, consumer electronics and musical instruments like for example the Daewoo Piano.
