Daewoo Forklift Parts - During March of the year 1967, the Daewoo Group was founded by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. He first graduated from the Kyonggi High School and then studied at Yonsei University in Seoul where he completed a Degree in Economics. Daewoo became one of the Big Four chaebol within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was well-known in expanding its international market securing numerous joint projects worldwide.
After the end of the Syngman Rhee government in the 1960s, the new government of Park Chung Hee came aboard to promote growth and development in the country. This financed industrialization, promoted exports, increased access to resources, provided protection from competition to the chaebol in exchange for a company's political support. Initially, the Korean government instigated a series of 5 year plans wherein the chaebol were needed to accomplish a series of specific basic aims.
Once the second 5 year plan was implemented, Daewoo became a major player. The company significantly profited from government-sponsored cheap loans that were based on likely proceeds earned from exports. Firstly, the company concentrated on textile and labor intensive clothing industries which provided high profit margins. South Korea's big labor force was the most important resource in this particular plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Company. During this era, the country's workers was in high demand. Korea's competitive edge began eroding as competition from different nations began to take place. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
In the end, Daewoo was forced into shipbuilding by the government. Though Kim was unwilling to enter the business, Daewoo swiftly earned a reputation for manufacturing competitively priced ships and oil rigs.
During the following decade, Korea's government became much 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 a lot more assertive overseas, while encouraging the free market trade. Daewoo effectively established various joint projects together with European and American businesses. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and several defense products under the S&T Daewoo Company.
Daewoo eventually began making affordable civilian airplanes and helicopters compared to counterparts in North America. Afterward the business expanded more of their efforts into the automotive trade. Impressively, they became the 6th largest automobile maker on the globe. All through this time, Daewoo was able to have great success with reversing faltering companies in Korea.
In the 80s and 90s, Daewoo moved into various sectors consisting of buildings, telecommunication products, computers, consumer electronics and musical instruments such as the Daewoo Piano.
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