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Daewoo Forklift Parts
Daewoo Forklift Parts - During the month of March of 1967, the Daewoo Group was established by Kim Woo-Jung. He was the son of the Provincial Governor of Daegu. He first graduated from the Kyonggi High School and then went onto the Yonsei University in Seoul where he completed a Degree in Economics. Daewoo became one of the Big Four chaebol in South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was famous in expanding its global market securing various joint projects internationally.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to encourage growth and development within the country. This promoted exports, increased access to resources, financed industrialization, 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 required to achieve a series of particular basic objectives.
As soon as the second 5 year plan was applied, Daewoo became a major player. The business significantly profited from cheap loans sponsored by the government which were based on potential proceeds earned from exports. At first, the company concentrated on textile and labor intensive clothing industries which provided high profit margins. South Korea's large staff was the most significant resource in this particular plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans occurred for the Daewoo Company. All through this era, the country's workforce was in high demand. Korea's competitive edge started eroding as competition from other countries began to happen. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, military initiatives, shipbuilding, construction efforts and petrochemicals.
Sooner or later, Daewoo was forced into shipbuilding by the government. Even though Kim was unwilling to enter the business, Daewoo swiftly earned a reputation for manufacturing reasonably priced oil rigs and ships.
Throughout the next decade, Korea's government became more broadminded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and encouraged private, small businesses, they were able to force the chaebol to be much more aggressive abroad, while supporting the free market trade. Daewoo effectively established various joint projects together with European and American businesses. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and different defense products under the S&T Daewoo Business.
Daewoo eventually started producing cheaper civilian airplanes and helicopters compared to North American counterparts. Then the business expanded more of their efforts into the automotive trade. Remarkably, they became the 6th biggest car maker in the world. All through this particular time, Daewoo was able to have great success with reversing faltering businesses in Korea.
All through the 80s and 90s, Daewoo moved into various sectors including computers, consumer electronics, buildings, telecommunication products and musical instruments like the Daewoo Piano.
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