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Daewoo Forklift Parts
Daewoo Forklift Parts - In March of nineteen sixty seven, 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 next went onto the Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became one of the Big Four chaebol in South Korea. Growing into an industrial empire and a multi-faceted service conglomerate, the company was famous in expanding its global market securing many joint ventures internationally.
In the 1960's, the government of Park Chung Hee began to encourage the growth and development within the nation 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 initiated a series of 5 year plans under which the chaebol were required to achieve a series of specific basic aims.
As soon as the second 5 year plan was implemented, Daewoo became a major player. The company really profited from cheap loans sponsored by the government that were based on probable income earned from exports. Firstly, the business concentrated on labor intensive clothing industries and textile which provided high profit margins. South Korea's huge staff was the most important resource within this 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 Business. During this era, the country's workforce was in high demand. Korea's competitive edge started eroding as competition from different nations began to happen. In response to this change, the government responded by focusing its effort on electrical and mechanical engineering, petrochemicals, military initiatives, shipbuilding and construction efforts.
Sooner or later, Daewoo was forced into shipbuilding by the government. Although Kim was reluctant to enter the business, Daewoo rapidly earned a reputation for manufacturing competitively priced ships and oil rigs.
During the following decade, the Korean government became a lot more broadminded in economic policies. As the government loosened protectionist import restrictions, reduced positive discrimination and encouraged small, private businesses, they were able to force the chaebol to be more aggressive overseas, while encouraging the free market trade. Daewoo successfully established various joint projects with American and European companies. They expanded exports, semiconductor manufacturing and design, aerospace interests, machine tools, and various defense products under the S&T Daewoo Business.
Daewoo eventually began making affordable civilian airplanes and helicopters compared to counterparts in North America. Afterward the business expanded more of their efforts into the automotive trade. Remarkably, they became the 6th biggest car maker in the world. Throughout this particular time, Daewoo was able to have great success with reversing faltering companies in Korea.
In the 80s and 90s, Daewoo moved into other sectors consisting of telecommunication products, computers, consumer electronics, buildings and musical instruments like for example the Daewoo Piano.
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