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Daewoo Forklift Parts
Daewoo Forklift Parts - Kim Woo-Jung, the son of Daegu's Provincial Governor, started the Daewoo group in March of 1967. He first graduated from the Kyonggi High School and afterward studied at Yonsei University in Seoul where he finished with a Degree in Economics. Daewoo became amongst the Big Four chaebol within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was famous in expanding its worldwide market securing various joint ventures worldwide.
During the 1960's, the government of Park Chung Hee began to promote the development and growth within the country 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. Firstly, the Korean government instigated a series of 5 year plans wherein the chaebol were required to achieve a series of specific basic aims.
Daewoo became a major player as soon as the second 5 year plan was implemented. The business profited greatly from government-sponsored cheap loans based upon the possible profits which were earned from exports. Initially, the company focused on labor intensive clothing industries and textile which provided high profit margins. South Korea's big workforce was the most important resource within this particular 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 nations competitive advantage began to dwindle due to increased competition from other countries. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
In time, Daewoo was forced by the government into shipbuilding. Even if Kim was hesitant to enter the business, Daewoo rapidly earned a reputation for manufacturing competitively priced ships and oil rigs.
Over the following decade, the government of Korea brought more liberal economic policies by loosening the protectionist restrictions on imports, reducing positive discrimination, and encouraged small private companies. While supporting free market trade, they were also able to force the chaebol to be much more assertive overseas. Daewoo effectively established many joint ventures with American and European companies. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and different defense products under the S&T Daewoo Business.
In time, Daewoo began making civilian helicopters and airplanes that were priced much less expensive than those made by its counterparts in the U.S. The company expanded their efforts in the automotive trade. Remarkably, they became the 6th biggest automobile maker in the world. Throughout this particular time, Daewoo was able to have great success with reversing faltering companies in Korea.
By the 1980s and the early part of the 1900s, the Daewoo Group expanded into various other sectors including buildings, telecommunication products, computers, consumer electronics and musical instruments like for example the Daewoo Piano.
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