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During March of nineteen sixty seven, the Daewoo Group was established by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. 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 amongst the Big Four chaebol within South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the company was famous in expanding its international market securing various joint projects worldwide.
After the end of the Syngman Rhee government during the 1960s, the new government of Park Chung Hee came aboard to encourage growth and development within the country. This increased access to resources, financed industrialization, promoted exports, provided protection from competition to the chaebol in exchange for a company's political support. At first, the Korean government instigated a series of 5 year plans wherein the chaebol were required to achieve a series of particular basic aims.
Daewoo became a major player once the second 5 year plan was applied. The business profited greatly from cheap loans sponsored by the government based upon the possible proceeds that were earned from exports. At first, the business focused on labor intensive clothing industries and textile that provided high profit margins. South Korea's huge workforce 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. All through this era, the country's workers was in high demand. Korea's competitive edge began eroding as competition from other countries 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.
In the long run, Daewoo was forced into shipbuilding by the government. Even if Kim was hesitant to enter the trade, Daewoo quickly earned a reputation for manufacturing competitively priced oil rigs and ships.
Throughout the following decade, Korea's government became more open-minded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and encouraged private, small businesses, they were able to force the chaebol to be much more aggressive abroad, while supporting the free market trade. Daewoo effectively started various joint projects along with European and American companies. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and various defense products under the S&T Daewoo Company.
In time, Daewoo began producing civilian helicopters and airplanes which were priced a lot cheaper than those built by its U.S. counterparts. The business expanded their efforts in the automotive trade. Impressively, they became the 6th biggest car maker on the globe. Throughout this 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 several other sectors including consumer electronics, buildings, telecommunication products, computers and musical instruments such as the Daewoo Piano.
