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In March of the year 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 afterward went onto the Yonsei University in Seoul where he completed an Economics Degree. 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 famous in expanding its worldwide market securing several joint ventures internationally.
During the 1960's, the government of Park Chung Hee started to encourage the growth and development in the country after taking office at the end of the Syngman Rhee government. Exports were promoted in addition to increasing access to resources and financing industrialization 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 objectives.
When the second 5 year plan was applied, Daewoo became a major player. The business significantly benefited from cheap loans sponsored by the government which were based on potential profits earned from exports. At first, the business focused on labor intensive clothing industries and textile that provided high profit margins. South Korea's huge workforce was the most significant resource within this 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 started to dwindle because of increased competition from several nations. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
Eventually, Daewoo was forced into shipbuilding by the government. Even though Kim was hesitant to enter the business, Daewoo rapidly earned a reputation for manufacturing reasonably priced oil rigs and ships.
Over 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 supported private small businesses. While supporting free market trade, they were also able to force the chaebol to be more aggressive abroad. Daewoo effectively established several joint projects along with European and American businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and various defense products under the S&T Daewoo Business.
Eventually, Daewoo started producing civilian airplanes and helicopters that were priced much less expensive as opposed to those produced by its U.S. counterparts. The business expanded their efforts in the automotive industry. Impressively, they became the 6th biggest car manufacturer in the world. Throughout this time, Daewoo was able to have great success with reversing faltering companies within Korea.
Throughout the 1980s and the early part of the 1900s, the Daewoo Group expanded into several other sectors comprising computers, consumer electronics, buildings, telecommunication products and musical instruments like the Daewoo Piano.
