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Kim Woo-Jung, the son of Daegu's Provincial Governor, started the Daewoo group in the month of March of 1967. He first graduated from the Kyonggi High School and next went onto the Yonsei University in Seoul where he completed an Economics Degree. Daewoo became among the Big Four chaebol in South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the company was famous in expanding its global market securing numerous joint ventures globally.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to promote growth and development in the nation. This increased access to resources, financed industrialization, promoted exports, 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 required to accomplish a series of certain basic aims.
Daewoo became a major player as soon as the second 5 year plan was implemented. The company benefited very much from cheap loans sponsored by the government based upon the probable profits that were earned from exports. Firstly, the business concentrated on textile and labor intensive clothing industries that provided high profit margins. South Korea's big staff was the most important resource in this plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Company. All through this era, the country's workforce was in high demand. Korea's competitive edge began eroding as competition from other nations started to take place. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
Eventually, Daewoo was forced into shipbuilding by the government. Although Kim was unwilling to enter the trade, Daewoo swiftly earned a reputation for producing competitively priced ships and oil rigs.
During the subsequent decade, the Korean government became more open-minded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and supported private, small companies, they were able to force the chaebol to be more assertive abroad, while encouraging the free market trade. Daewoo successfully established many joint ventures along with American and European businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and several defense products under the S&T Daewoo Business.
Daewoo finally began producing cheaper civilian airplanes and helicopters compared to counterparts in North America. Afterward the business expanded more of their efforts into the automotive trade. Remarkably, they became the 6th largest automobile manufacturer in the world. Through this particular time, Daewoo was able to have great success with reversing faltering businesses in Korea.
Throughout the 1980s and the early part of the 1900s, the Daewoo Group expanded into several other sectors comprising telecommunication products, computers, consumer electronics, buildings and musical instruments like the Daewoo Piano.
