Daewoo Large Capacity Forklift Salt Lake City

Early History

In the early part of the 1960s, the South Korean government initiated a new economic strategy requiring the conglomerates, or chaebols, to concentrate on increasing production for export. A series of five year plans laid out the policy for decreasing South Korea's trade deficit while strengthening local production. This was a strategy that had already been used successfully y both Taiwan and Hong Kong, South Korea's Far East competitors. The corporation Daewoo had a key part in this effort to enhance the significance of South Korea's exports.



To assist the chaebols in their efforts for production of exports, the government of South Korea sponsored cheap loans for chaebols. Daewoo was amongst these companies that benefited in 1967. This was at the beginning of the second five-year plan. Daewoo took advantage of the nation's huge workforce, its primary asset. By concentrating on labour-intensive businesses, like for example textile and clothing, the business generated high earnings. The company's factory in Pusan produced 3.6 million shirts each and every month. What's more, the company manufactured basic manufacturing machines, that were labour intensive as well. Throughout this time, the corporation Daewoo helped to increase South Korea's level of exports, that were growing nearly 40% per year.



Korea's comparative advantage in labor-intensive production started to decline, when the demand for labour pushed the wages upwards. Malaysia and Thailand became market competitors to South Korea, which forced the country to concentrate on the industries of petrochemicals, shipbuilding, mechanical and electrical engineering, and construction. This phase of the nation's economic recovery lasted from 1973 to nineteen eighty one. This happened at the same time as the United States announced its intentions to totally withdraw its peacekeeping forces from the country. The new emphasis in production was meant to further expand Korea's exports while simultaneously producing parts which had to be imported previously. Domestic components production helped to strengthen domestic businesses and make possible a national defense industry.

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