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Daewoo Forklift Parts
Daewoo Forklift Parts - In the month of March of 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 after that went onto the Yonsei University in Seoul where he completed an Economics Degree. Daewoo became among the Big Four chaebol within South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the company was famous in expanding its worldwide market securing various joint ventures internationally.
After the end of the Syngman Rhee government during the 1960s, the new government of Park Chung Hee came aboard to promote growth and development in the country. This financed industrialization, promoted exports, increased access to resources, provided protection from competition to the chaebol in exchange for a company's political support. Initially, 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 once the second 5 year plan was implemented. The business profited significantly from government-sponsored cheap loans based upon the likely income that were earned from exports. Firstly, the business focused on labor intensive clothing industries and textile that provided high profit margins. South Korea's large staff was the most important resource within this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans occurred for Daewoo; Korea's workforce was in high demand. The nations competitive advantage started to dwindle due to increased competition from different countries. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, construction efforts, petrochemicals, military initiatives and shipbuilding.
Eventually, Daewoo was forced into shipbuilding by the government. Even if Kim was hesitant to enter the industry, Daewoo swiftly earned a reputation for producing reasonably priced oil rigs and ships.
During the following decade, the government of Korea brought a lot more liberal economic policies by loosening the protectionist restrictions on imports, reducing positive discrimination, and supported private small companies. While supporting free market trade, they were also able to force the chaebol to be more assertive abroad. Daewoo effectively established several joint projects along with American and European companies. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and several defense products under the S&T Daewoo Business.
In time, Daewoo began making civilian helicopters and airplanes which were priced much cheaper than those made by its counterparts in the U.S. The business expanded their efforts in the automotive industry. 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.
Through the 1980s and the early 1900s, the Daewoo Group expanded into various other sectors including consumer electronics, buildings, telecommunication products, computers and musical instruments such as the Daewoo Piano.
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