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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 after that 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 company was well-known in expanding its global market securing various joint ventures worldwide.
During the 1960's, park Chung Hee's government began to promote the development and growth in 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. At first, the Korean government instigated a series of 5 year plans wherein the chaebol were required to attain a series of specific basic objectives.
Once the second 5 year plan was applied, Daewoo became a major player. The business really profited from government-sponsored cheap loans that were based on probable profits earned from exports. Firstly, the business concentrated on labor intensive clothing industries and textile that provided high profit margins. South Korea's huge labor force was the most significant resource within this particular plan.
The time period between 1973 and 1981 was when the third and fourth 5 year plans happened for the Daewoo Company. Throughout this era, the country's workers was in high demand. Korea's competitive edge started eroding as competition from various nations began to occur. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
In the end, Daewoo was forced into shipbuilding by the government. Though Kim was hesitant to enter the trade, Daewoo rapidly earned a reputation for producing competitively priced oil rigs and ships.
All through the subsequent decade, Korea's government became much more broadminded in economic policies. As the government loosened protectionist import restrictions, reduced positive discrimination and encouraged small, private companies, they were able to force the chaebol to be more aggressive abroad, while supporting the free market trade. Daewoo successfully started several joint ventures with American and European companies. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and several defense products under the S&T Daewoo Business.
Eventually, Daewoo began producing civilian airplanes and helicopters which were priced a lot less expensive as opposed to those built by its counterparts in the U.S. The company expanded their efforts in the automotive trade. Impressively, they became the 6th biggest car maker on the globe. During this time, Daewoo was able to have great success with reversing faltering businesses within Korea.
During the 80s and 90s, Daewoo moved into different sectors including computers, consumer electronics, buildings, telecommunication products and musical instruments such as the Daewoo Piano.
