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In March of 1967, the Daewoo Group was established 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 amongst 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 various joint projects worldwide.
After the end of the Syngman Rhee government in the 1960s, Park Chung Hee's new government came aboard to support 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. Initially, the Korean government instigated a series of 5 year plans under which the chaebol were needed to achieve a series of certain basic aims.
As soon as the second 5 year plan was implemented, Daewoo became a major player. The company really profited from cheap loans sponsored by the government that were based on probable profits earned from exports. At first, the business concentrated on labor intensive clothing industries and textile which provided high profit margins. South Korea's huge workforce was the most significant resource in 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. Throughout this era, the country's labor force was in high demand. Korea's competitive edge started 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.
Eventually, Daewoo was forced into shipbuilding by the government. Although Kim was hesitant to enter the trade, Daewoo rapidly earned a reputation for making competitively priced oil rigs and ships.
All through the subsequent decade, the Korean government became much more broadminded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and supported private, small businesses, they were able to force the chaebol to be more assertive abroad, while encouraging the free market trade. Daewoo effectively started various joint ventures with American and European businesses. They expanded exports, semiconductor manufacturing and design, machine tools, aerospace interests, and several defense products under the S&T Daewoo Company.
Eventually, Daewoo started building civilian airplanes and helicopters which were priced a lot cheaper compared to those made by its U.S. counterparts. The business expanded their efforts in the automotive trade. Impressively, they became the 6th biggest automobile maker in the world. Through this particular time, Daewoo was able to have great success with reversing faltering companies within Korea.
During the 1980s and the early 1900s, the Daewoo Group expanded into several other sectors comprising computers, consumer electronics, buildings, telecommunication products and musical instruments like the Daewoo Piano.
