Daewoo Forklift Parts - In March of 1967, the Daewoo Group was founded by Kim Woo-Jung. He was the son of Daegu's Provincial Governor. He first graduated from the Kyonggi High School and after that went onto the Yonsei University in Seoul where he finished with a Degree in Economics. Daewoo became among 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 various joint ventures globally.
After the end of the Syngman Rhee government in the 1960s, the new government of Park Chung Hee came aboard to support development and growth 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. Initially, the Korean government initiated a series of 5 year plans under which the chaebol were needed to accomplish a series of certain basic aims.
Daewoo became a major player when the second 5 year plan was implemented. The business benefited very much from cheap loans sponsored by the government based upon the potential proceeds that were earned from exports. At first, the company concentrated on labor intensive clothing industries and textile that provided high profit margins. South Korea's big labor force 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 countries competitive advantage began to dwindle because of increased competition from different nations. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
Sooner or later, the government forced Daewoo into ship building Although Kim was reluctant to enter the trade, Daewoo quickly earned a reputation for manufacturing competitively priced ships and oil rigs.
All through the subsequent decade, Korea's government became a lot more liberal 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 overseas, while supporting the free market trade. Daewoo successfully started various joint ventures together with European and American businesses. They expanded exports, semiconductor manufacturing and design, machine tools, aerospace interests, and different defense products under the S&T Daewoo Company.
Daewoo ultimately started making less expensive civilian helicopters and airplanes compared to North American counterparts. Next the company expanded more of their efforts into the automotive trade. Remarkably, they became the 6th largest car maker in the world. During 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 consisting of computers, consumer electronics, buildings, telecommunication products and musical instruments such as the Daewoo Piano.
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