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During 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 after that 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 a multi-faceted service conglomerate and an industrial empire, the company was well-known in expanding its worldwide market securing numerous joint ventures internationally.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to support growth and development in the country. This increased access to resources, financed industrialization, promoted exports, provided protection from competition to the chaebol in exchange for a company's political support. Firstly, the Korean government instigated a series of 5 year plans wherein the chaebol were required to accomplish a series of specific basic objectives.
Daewoo became a major player when the second 5 year plan was implemented. The business profited very much from government-sponsored cheap loans based upon the possible proceeds which were earned from exports. Initially, the company concentrated on textile and labor intensive clothing industries which provided high profit margins. South Korea's big 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 occurred for the Daewoo Company. During this era, the country's workforce was in high demand. Korea's competitive edge began eroding as competition from other nations began to occur. In response to this change, the government responded by focusing its effort on mechanical and electrical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
Sooner or later, Daewoo was forced into shipbuilding by the government. Even though Kim was reluctant to enter the trade, Daewoo rapidly earned a reputation for producing competitively priced oil rigs and ships.
Throughout the following decade, the Korean government became a lot more open-minded 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 much more aggressive overseas, while supporting the free market trade. Daewoo successfully established numerous joint projects 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.
In the end, Daewoo began building civilian airplanes and helicopters which were priced much less expensive compared to those produced by its counterparts in the U.S. The business expanded their efforts in the automotive trade. Remarkably, they became the 6th biggest car manufacturer in the world. Throughout this particular time, Daewoo was able to have great success with reversing faltering companies within Korea.
All through the 80s and 90s, Daewoo moved into different sectors consisting of computers, consumer electronics, buildings, telecommunication products and musical instruments like the Daewoo Piano.
