Daewoo Large Capacity Forklift San Antonio

Early History

The government of South Korea in the early 1960s started a new economic strategy which required large businesses referred to as "chaebols" to concentrate on producing exports. This new strategy called for a series of five year plans that were intended to decrease the trade deficit the nation was experiencing while helping to bolster the nation's production. This was a strategy which had already been utilized successfully by South Korea's Far East competitors, Hong Kong and Taiwan. Daewoo was a significant player in this effort to boost the significance of South Korea's exports.



To help the chaebols in their efforts for production of exports, the government of South Korea sponsored cheap loans for chaebols. Daewoo was among these companies which benefited during the year 1967. This was at the start of the second five-year plan. Daewoo took advantage of the nation's huge labor force, its primary asset. By focusing on labour-intensive businesses, like clothing and textile, the business generated high earnings. The factory of the corporation within Pusan produced 3.6 million shirts on a monthly basis. The company also manufactured simple manufacturing machines, which were also labour intensive. In this time, the company Daewoo helped to boost South Korea's level of exports, that were growing nearly 40 percent per year.



Korea's comparative advantage in labor-intensive production started to decline, once the demand for labour pushed the wages upwards. Malaysia and Thailand became market competitors to South Korea, that forced the nation to concentrate on the businesses of shipbuilding, petrochemicals, electrical and mechanical engineering, and construction. This phase of the country's economic recovery lasted from 1973 to 1981. This took place at the same time as the US announced its plans to totally withdraw its peacekeeping forces from the nation. The new emphasis in manufacturing was meant to further expand Korea's exports while at the same time making parts which had to be imported before. Domestic components production helped to make possible a national defense industry and strengthen domestic industries.

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