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Kim Woo-Jung, the son of Daegu's Provincial Governor, established the Daewoo group in the month of March of the year 1967. 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 amongst the Big Four chaebol in South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the business was well-known in expanding its worldwide market securing various joint ventures internationally.
After the end of the Syngman Rhee government in the 1960s, the new government of Park Chung Hee came aboard to encourage development and growth within 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 initiated a series of 5 year plans wherein the chaebol were required to attain a series of certain basic aims.
Daewoo became a major player when the second 5 year plan was applied. The business profited very much from government-sponsored cheap loans based upon the probable profits that were earned from exports. At first, the company focused on textile and labor intensive clothing industries which provided high profit margins. South Korea's large labor force was the most important resource within this particular 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 Company. Throughout this era, the country's workers was in high demand. Korea's competitive edge began eroding as competition from other nations started to occur. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
In the end, Daewoo was forced into shipbuilding by the government. Even if Kim was reluctant to enter the business, Daewoo rapidly earned a reputation for manufacturing reasonably priced oil rigs and ships.
Over the next decade, the Korean government brought a lot more liberal economic policies by loosening the protectionist restrictions on imports, reducing positive discrimination, and supported small private companies. While encouraging free market trade, they were also able to force the chaebol to be much more aggressive abroad. Daewoo effectively started several joint projects along with American and European companies. They expanded exports, semiconductor manufacturing and design, machine tools, aerospace interests, and different defense products under the S&T Daewoo Company.
In the end, Daewoo started making civilian helicopters and airplanes which were priced a lot cheaper than those built by its U.S. counterparts. The business expanded their efforts in the automotive trade. Impressively, they became the 6th biggest automobile manufacturer in the world. All through this particular time, Daewoo was able to have great success with reversing faltering businesses in Korea.
All through the 80s and 90s, Daewoo moved into other sectors comprising consumer electronics, buildings, telecommunication products, computers and musical instruments like for example the Daewoo Piano.
