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During the month of March of 1967, the Daewoo Group was established by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. 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 one of 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 international market securing several joint projects worldwide.
In the 1960's, the government of Park Chung Hee started to encourage the growth and development in the nation after taking office at the end of the Syngman Rhee government. Exports were promoted in addition to financing industrialization and increasing access to resources to provide protection from competition from the chaebol in exchange for political support. Initially, the Korean government instigated a series of 5 year plans under which the chaebol were needed to achieve a series of particular basic aims.
When the second 5 year plan was implemented, Daewoo became a major player. The business greatly profited from cheap loans sponsored by the government which were based on potential proceeds earned from exports. Firstly, the business focused on labor intensive clothing industries and textile that provided high profit margins. South Korea's huge labor force was the most important resource within this plan.
The time period between the year 1973 and the year 1981 was when the third and fourth 5 year plans occurred for the Daewoo Business. All through this era, the country's workforce was in high demand. Korea's competitive edge began eroding as competition from other countries began to take place. In response to this change, the government responded by concentrating 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 reluctant to enter the trade, Daewoo swiftly earned a reputation for producing 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 supporting free market trade, they were likewise able to force the chaebol to be much more assertive overseas. Daewoo effectively started numerous joint ventures along with American and European businesses. They expanded exports, semiconductor design and manufacturing, machine tools, aerospace interests, and several defense products under the S&T Daewoo Company.
Daewoo ultimately started constructing lower priced civilian airplanes and helicopters compared to North American counterparts. Then the business expanded more of their efforts into the automotive industry. Remarkably, they became the 6th largest car maker in the world. Throughout this particular time, Daewoo was able to have great success with reversing faltering companies within Korea.
By the 1980s and the early 1900s, the Daewoo Group expanded into various other sectors comprising telecommunication products, computers, consumer electronics, buildings and musical instruments like for instance the Daewoo Piano.
