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Daewoo Forklift Parts
Daewoo Forklift Parts - Kim Woo-Jung, the son of Daegu's Provincial Governor, established the Daewoo group in March of the year 1967. He first graduated from the Kyonggi High School and afterward went onto the Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became one of the Big Four chaebol within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was well-known in expanding its worldwide market securing numerous joint projects globally.
In the 1960's, park Chung Hee's government started to encourage the growth and development in the country 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. Firstly, the Korean government initiated a series of 5 year plans under which the chaebol were needed to achieve a series of specific basic aims.
Daewoo became a major player when the second 5 year plan was applied. The company benefited greatly from government-sponsored cheap loans based upon the probable profits which were earned from exports. At first, the company concentrated on textile and labor intensive clothing industries that provided high profit margins. South Korea's huge workforce was the most important resource in this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans happened for Daewoo; Korea's workers was in high demand. The countries competitive advantage began to dwindle because of increased competition from different countries. In response to this change, the government responded by focusing its effort on mechanical and electrical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
Sooner or later, the government forced Daewoo into ship building Although Kim was hesitant to enter the business, Daewoo quickly earned a reputation for making competitively priced oil rigs and ships.
Over the following decade, the Korean government brought a lot more liberal economic policies by reducing positive discrimination, loosened the protectionist restrictions on imports, and supported private small companies. While supporting free market trade, they were also able to force the chaebol to be a lot more aggressive abroad. Daewoo successfully established various joint projects along with American and European businesses. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and different defense products under the S&T Daewoo Company.
In time, Daewoo started building civilian helicopters and airplanes which were priced much cheaper as opposed to those made by its U.S. counterparts. The company expanded their efforts in the automotive industry. Impressively, they became the 6th biggest automobile maker in the world. Through this particular time, Daewoo was able to have great success with reversing faltering companies within Korea.
Through the 1980s and the early part of the 1900s, the Daewoo Group expanded into different other sectors including buildings, telecommunication products, computers, consumer electronics and musical instruments like for example the Daewoo Piano.
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