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Kim Woo-Jung, the son of the Provincial Governor of Daegu, started the Daewoo group in March of the year 1967. He first graduated from the Kyonggi High School and then went onto the Yonsei University in Seoul where he finished with a Degree in Economics. 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 international market securing several joint ventures globally.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to encourage development and growth in the country. This promoted exports, increased access to resources, financed industrialization, provided protection from competition to the chaebol in exchange for a company's political support. Firstly, the Korean government instigated a series of 5 year plans wherein the chaebol were needed to attain a series of certain basic aims.
As soon as the second 5 year plan was implemented, Daewoo became a major player. The business really profited from cheap loans sponsored by the government that were based on likely profits earned from exports. At first, the company concentrated on textile and labor intensive clothing industries that provided high profit margins. South Korea's large workforce was the most significant resource in this particular plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans happened for Daewoo; Korea's workers was in high demand. The nations competitive advantage began to dwindle due to increased competition from several nations. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
In the end, Daewoo was forced into shipbuilding by the government. Even though Kim was hesitant to enter the trade, Daewoo rapidly earned a reputation for making reasonably priced ships and oil rigs.
During the subsequent decade, the Korean government became more broadminded 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 assertive overseas, while encouraging the free market trade. Daewoo successfully established numerous joint projects with European and American businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and various defense products under the S&T Daewoo Business.
Eventually, Daewoo started producing civilian helicopters and airplanes which were priced a lot cheaper as opposed to those built by its U.S. counterparts. The company expanded their efforts in the automotive industry. Impressively, they became the 6th largest car manufacturer on the globe. Through this time, Daewoo was able to have great success with reversing faltering companies within Korea.
In the 1980s and the early 1900s, the Daewoo Group expanded into various other sectors comprising computers, consumer electronics, buildings, telecommunication products and musical instruments like the Daewoo Piano.
