Daewoo Large Capacity Forklift San Francisco

Early History

The government of South Korea during the early part of the 1960s began a new economic plan which required huge businesses called "chaebols" to focus on manufacturing exports. This new plan called for a series of five year plans which were intended to lessen the trade deficit the nation was going through while helping to bolster the nation's production. This was a plan that had already been used successfully by the Far East competitors of South Korea, Hong Kong and Taiwan. The company Daewoo was a major player in this effort to enhance the importance of South Korea's exports.



The South Korean government sponsored cheap loans for chaebols manufacturing products for export. Daewoo benefited from the loans when it started trading during 1967. This was at the start of the second five-year plan. Daewoo capitalized on the country's huge workforce, its primary asset. By concentrating on labour-intensive industries, such as clothing and textile, the company generated high profits. The corporation's factory in Pusan made 3.6 million shirts every month. The corporation also made basic manufacturing equipment, that were labour intensive as well. During this time, Daewoo helped to increase South Korea's level of exports, which were growing almost 40 percent per year.



Once the demand for labour pushed wages up, Korea's comparative advantage in labor-intensive production started to decline. Competition from both malasya and Thailand forced Korea to refocus its energies on other industries, such as petrochemicals, shipbuilding, electrical and mechanical engineering, and construction. This particular phase of Korea's economic recovery lasted from 1973 to 1981. This happened at the same time as the US announced its intentions to totally withdraw its peacekeeping forces from the country. The new emphasis in production was meant to further the expansion of Korea's exports while simultaneously producing parts that had to be imported before. Domestic components production helped to make possible a national defense industry and strengthen domestic industries.

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