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Daewoo Forklift Part
Daewoo Forklift Part - During March of the year 1967, the Daewoo Group was started by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. He first graduated from the Kyonggi High School and next 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 prominent in expanding its global market securing various joint ventures globally.
After the end of the Syngman Rhee government in the 1960s, the new government of Park Chung Hee came aboard to promote growth and development in the nation. This increased access to resources, financed industrialization, promoted exports, provided protection from competition to the chaebol in exchange for a company's political support. At first, the Korean government initiated a series of 5 year plans wherein the chaebol were needed to attain a series of certain basic aims.
Daewoo became a major player when the second 5 year plan was implemented. The business profited very much from cheap loans sponsored by the government based upon the potential proceeds that were earned from exports. At first, the company concentrated on labor intensive clothing industries and textile which provided high profit margins. South Korea's big workforce was the most important resource in this particular plan.
The time period between the year 1973 and the year 1981 was when the third and fourth 5 year plans occurred for the Daewoo Company. In this era, the country's labor force was in high demand. Korea's competitive edge began eroding as competition from different countries began to take place. In response to this change, the government responded by concentrating its effort on mechanical and electrical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
In the long run, Daewoo was forced into shipbuilding by the government. Although Kim was hesitant to enter the business, Daewoo swiftly earned a reputation for producing competitively priced ships and oil rigs.
During the next decade, the Korean government became much more broadminded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and supported private, small companies, they were able to force the chaebol to be much more aggressive overseas, while supporting the free market trade. Daewoo successfully established numerous joint ventures along 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.
Daewoo eventually began producing less expensive civilian helicopters and airplanes compared to counterparts in North America. After that the business expanded more of their efforts into the automotive industry. Remarkably, they became the 6th largest car manufacturer in the world. Through this particular time, Daewoo was able to have great success with reversing faltering businesses in Korea.
Through the 80s and 90s, Daewoo moved into other sectors comprising telecommunication products, computers, consumer electronics, buildings and musical instruments like for example the Daewoo Piano.
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