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During the month of March of nineteen sixty seven, the Daewoo Group was founded by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. 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 within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was famous in expanding its worldwide market securing several joint ventures globally.
After the end of the Syngman Rhee government in the 1960s, Park Chung Hee's new government came aboard to promote growth and development in the nation. 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 wherein the chaebol were needed to attain a series of specific basic objectives.
Daewoo became a major player when the second 5 year plan was applied. The company profited very much from cheap loans sponsored by the government based upon the likely proceeds that were earned from exports. At first, the business concentrated on textile and labor intensive clothing industries that provided high profit margins. South Korea's big labor force was the most important resource in this particular plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans occurred for Daewoo; Korea's labour force was in high demand. The nations competitive advantage began to dwindle because of increased competition from different countries. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
In the long run, Daewoo was forced into shipbuilding by the government. Even if Kim was unwilling to enter the trade, Daewoo swiftly earned a reputation for producing competitively priced ships and oil rigs.
Throughout the next decade, Korea's government became a lot more broadminded in economic policies. As the government loosened protectionist import restrictions, reduced positive discrimination and supported private, small businesses, they were able to force the chaebol to be much more aggressive abroad, while encouraging the free market trade. Daewoo successfully started numerous joint projects along with European and American businesses. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and several defense products under the S&T Daewoo Business.
Daewoo finally began constructing affordable civilian airplanes and helicopters compared to North American counterparts. Then the business expanded more of their efforts into the automotive trade. Impressively, they became the 6th largest car maker in the world. Through this particular time, Daewoo was able to have great success with reversing faltering companies in Korea.
Through the 80s and 90s, Daewoo moved into various sectors including buildings, telecommunication products, computers, consumer electronics and musical instruments like the Daewoo Piano.
