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Kim Woo-Jung, the son of Daegu's Provincial Governor, established the Daewoo group during March of 1967. He first graduated from the Kyonggi High School and then went onto the 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 prominent in expanding its worldwide market securing many joint projects globally.
In the 1960's, the government of Park Chung Hee began to support the development and growth within the country 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 required to attain a series of particular basic objectives.
As soon as the second 5 year plan was applied, Daewoo became a major player. The company significantly benefited from cheap loans sponsored by the government that were based on likely proceeds earned from exports. Firstly, the company concentrated on labor intensive clothing industries and textile that provided high profit margins. South Korea's big staff was the most significant resource in this particular plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans occurred for the Daewoo Business. During this era, the country's workforce was in high demand. Korea's competitive edge started eroding as competition from different nations started to take place. In response to this change, the government responded by concentrating 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 business, Daewoo swiftly earned a reputation for producing reasonably priced oil rigs and ships.
Over the following decade, the government of Korea brought much more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and encouraged small private companies. While supporting free market trade, they were even able to force the chaebol to be more assertive abroad. Daewoo successfully established many joint projects along with European and American companies. They expanded exports, semiconductor manufacturing and design, machine tools, aerospace interests, and different defense products under the S&T Daewoo Company.
In time, Daewoo began making civilian airplanes and helicopters which were priced much less expensive compared to those produced by its U.S. counterparts. The company expanded their efforts in the automotive trade. Impressively, they became the 6th biggest car maker in the world. Through this time, Daewoo was able to have great success with reversing faltering companies in Korea.
Throughout the 80s and 90s, Daewoo moved into other sectors comprising telecommunication products, computers, consumer electronics, buildings and musical instruments such as the Daewoo Piano.
