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In the month of March of 1967, the Daewoo Group was started 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 completed 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 business was prominent in expanding its global market securing many joint ventures globally.
During the 1960's, the government of Park Chung Hee started to support the development and growth within the nation 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. At first, the Korean government instigated a series of 5 year plans under which the chaebol were needed to attain a series of certain basic aims.
When the second 5 year plan was implemented, Daewoo became a major player. The business greatly benefited from cheap loans sponsored by the government which were based on possible income earned from exports. Initially, the business focused 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 the year 1973 and the year 1981 was when the third and fourth 5 year plans occurred for the Daewoo Business. In this era, the country's workers was in high demand. Korea's competitive edge started eroding as competition from other countries began to happen. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
Eventually, the government forced Daewoo into ship building Although Kim was unwilling to enter the business, Daewoo quickly earned a reputation for producing reasonably priced ships and oil rigs.
During the following decade, the Korean government became more broadminded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and supported small, private businesses, they were able to force the chaebol to be much more aggressive overseas, while supporting the free market trade. Daewoo effectively established many joint ventures along with American and European businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and different defense products under the S&T Daewoo Company.
In time, Daewoo began making civilian airplanes and helicopters which were priced a lot cheaper than those made by its U.S. counterparts. The business expanded their efforts in the automotive industry. Remarkably, they became the 6th biggest automobile manufacturer in the world. Through this particular time, Daewoo was able to have great success with reversing faltering companies in Korea.
Through the 1980s and the early 1900s, the Daewoo Group expanded into several other sectors including buildings, telecommunication products, computers, consumer electronics and musical instruments such as the Daewoo Piano.
