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In March of 1967, the Daewoo Group was established by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. He first graduated from the Kyonggi High School and next studied at Yonsei University in Seoul where he finished with a Degree in Economics. Daewoo became one of the Big Four chaebol within South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the company was well-known in expanding its international market securing many joint projects internationally.
During the 1960's, the government of Park Chung Hee began to support the development and growth within the nation 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 initiated a series of 5 year plans under which the chaebol were required to attain a series of specific basic objectives.
When the second 5 year plan was applied, Daewoo became a major player. The business significantly profited from government-sponsored cheap loans that were based on possible proceeds earned from exports. At first, the company focused on textile and labor intensive clothing industries that provided high profit margins. South Korea's huge labor force was the most important resource within this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans happened for Daewoo; Korea's workforce was in high demand. The countries competitive advantage started to dwindle due to increased competition from other countries. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
In the end, Daewoo was forced into shipbuilding by the government. Even if Kim was hesitant to enter the industry, Daewoo swiftly earned a reputation for manufacturing competitively priced ships and oil rigs.
Over the next decade, the Korean government brought more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and supported small private businesses. While encouraging free market trade, they were even able to force the chaebol to be much more aggressive abroad. Daewoo successfully established numerous joint ventures together with European and American companies. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and various defense products under the S&T Daewoo Company.
Eventually, Daewoo started building civilian helicopters and airplanes which were priced a lot less expensive than those built by its U.S. counterparts. The business expanded their efforts in the automotive trade. Impressively, they became the 6th biggest car maker in the world. Through this time, Daewoo was able to have great success with reversing faltering companies within Korea.
During the 1980s and the early part of the 1900s, the Daewoo Group expanded into different other sectors including telecommunication products, computers, consumer electronics, buildings and musical instruments like for example the Daewoo Piano.
