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Kim Woo-Jung, the son of Daegu's Provincial Governor, founded the Daewoo group in March of 1967. He first graduated from the Kyonggi High School and afterward 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 an industrial empire and a multi-faceted service conglomerate, the business was famous in expanding its global market securing many joint projects worldwide.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to promote development and growth within 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. Firstly, the Korean government initiated a series of 5 year plans wherein the chaebol were needed to accomplish a series of certain basic aims.
When the second 5 year plan was implemented, Daewoo became a major player. The company significantly benefited from cheap loans sponsored by the government that were based on probable proceeds earned from exports. Initially, the business focused on textile and labor intensive clothing industries which provided high profit margins. South Korea's huge workforce 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. In this era, the country's labor force was in high demand. Korea's competitive edge started eroding as competition from other countries started to happen. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
Ultimately, Daewoo was forced into shipbuilding by the government. Even though Kim was unwilling to enter the business, Daewoo rapidly earned a reputation for making reasonably priced ships and oil rigs.
During the next decade, the government of Korea brought a lot more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and encouraged private small businesses. While encouraging free market trade, they were even able to force the chaebol to be more aggressive overseas. Daewoo successfully established various joint ventures with European and American companies. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and several defense products under the S&T Daewoo Business.
Daewoo eventually began constructing affordable civilian helicopters and airplanes compared to counterparts in North America. Then the business expanded more of their efforts into the automotive trade. Remarkably, they became the 6th biggest car maker on the globe. During this particular time, Daewoo was able to have great success with reversing faltering companies within Korea.
During the 80s and 90s, Daewoo moved into different sectors comprising buildings, telecommunication products, computers, consumer electronics and musical instruments such as the Daewoo Piano.
