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During March of the year 1967, the Daewoo Group was founded by Kim Woo-Jung. He was the son of Daegu's Provincial Governor. He first graduated from the Kyonggi High School and afterward studied at Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became amongst 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 worldwide market securing many joint ventures internationally.
After the end of the Syngman Rhee government in the 1960s, Park Chung Hee's new government came aboard to support development and growth in the nation. This promoted exports, increased access to resources, financed industrialization, 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 wherein the chaebol were needed to attain a series of specific basic objectives.
Daewoo became a major player as soon as the second 5 year plan was applied. The company benefited greatly from cheap loans sponsored by the government based upon the likely income that were earned from exports. Firstly, the company focused on labor intensive clothing industries and textile that provided high profit margins. South Korea's huge staff was the most important resource within this plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Business. During this era, the country's workers was in high demand. Korea's competitive edge began eroding as competition from various countries started to take place. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
Ultimately, Daewoo was forced into shipbuilding by the government. Though Kim was hesitant to enter the trade, Daewoo swiftly earned a reputation for manufacturing reasonably priced oil rigs and ships.
Throughout the following decade, Korea's government became a lot more liberal in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and encouraged small, private businesses, they were able to force the chaebol to be more assertive abroad, while supporting the free market trade. Daewoo effectively established many joint ventures together with American and European businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and several defense products under the S&T Daewoo Company.
In time, Daewoo began making civilian airplanes and helicopters which were priced a lot cheaper as opposed to those built by its U.S. counterparts. The business expanded their efforts in the automotive trade. Remarkably, they became the 6th biggest car manufacturer on the globe. During this time, Daewoo was able to have great success with reversing faltering businesses in Korea.
Through the 80s and 90s, Daewoo moved into various sectors comprising telecommunication products, computers, consumer electronics, buildings and musical instruments like for example the Daewoo Piano.
