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During March of 1967, the Daewoo Group was started by Kim Woo-Jung. He was the son of Daegu's Provincial Governor. He first graduated from the Kyonggi High School and next studied at Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became among the Big Four chaebol in South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the company was prominent in expanding its international market securing numerous joint ventures internationally.
During the 1960's, the government of Park Chung Hee began to encourage the development and growth 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 wherein the chaebol were required to accomplish a series of certain basic objectives.
As soon as the second 5 year plan was implemented, Daewoo became a major player. The business significantly benefited from government-sponsored cheap loans which were based on potential income earned from exports. Firstly, the business focused on labor intensive clothing industries and textile which provided high profit margins. South Korea's big workforce was the most significant resource within this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans occurred for Daewoo; Korea's labour force was in high demand. The countries competitive advantage started to dwindle because of increased competition from other countries. 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 by the government into shipbuilding. Although Kim was reluctant to enter the trade, Daewoo rapidly earned a reputation for making competitively priced ships and oil rigs.
Over the following decade, the government of Korea brought a lot more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and encouraged small private businesses. While supporting free market trade, they were also able to force the chaebol to be more assertive overseas. Daewoo effectively established many joint projects together with American and European businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and different defense products under the S&T Daewoo Company.
In the end, Daewoo began making civilian helicopters and airplanes which were priced much less expensive than those made by its counterparts in the U.S. The business expanded their efforts in the automotive industry. Remarkably, they became the 6th largest automobile manufacturer on the globe. Throughout this particular time, Daewoo was able to have great success with reversing faltering companies in Korea.
In the 80s and 90s, Daewoo moved into various sectors including telecommunication products, computers, consumer electronics, buildings and musical instruments like the Daewoo Piano.
