Daewoo Large Capacity Forklift Long Beach

Early History

During the early part of the 1960s, the South Korean government began 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 the trade deficit of South Korea while strengthening local production. This was a plan that had already been successfully employed y both the Far East competitors of South Korea, Hong Kong and Taiwan. Daewoo had a major part in this effort to enhance the significance 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 the year 1967. This was at the beginning of the second five-year plan. The corporation Daewoo capitalized on the huge labor force of the nation, its primary asset. By focusing on labour-intensive industries, like for example clothing and textile, the company yielded high earnings. The company's factory in Pusan made 3.6 million shirts each and every month. In addition, the company manufactured basic manufacturing machines, that were also labour intensive. During this time, Daewoo helped to increase South Korea's level of exports, that were growing almost 40% per year.



Korea's comparative advantage in labor-intensive production began to decline, once the demand for labour pushed the wages upwards. Thailand and Malaysia became market competitors to South Korea, that forced the nation to concentrate on the industries of shipbuilding, petrochemicals, electrical and mechanical engineering, and construction. This particular phase of Korea's economic recovery lasted from the year 1973 to the year 1981. This happened at the same time as the US announced its intentions to completely withdraw its peacekeeping forces from the nation. The new emphasis in production was intended to further the expansion of Korea's exports while simultaneously producing parts that previously had to be imported. Domestic components manufacturing helped to make possible a national defense industry and strengthen domestic businesses.

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