Daewoo Large Capacity Forklift Arlington

Early History

The South Korean government in the early part of the 1960s started a new economic strategy which required big corporations referred to as "chaebols" to focus on producing exports. This new plan called for a series of five year plans which were designed to reduce the trade deficit the country was experiencing while helping to bolster the nation's production. This was a plan which had already been used successfully by the Far East competitors of South Korea, Taiwan and Hong Kong. Daewoo had a key part in this effort to boost the significance of South Korea's exports.



To help the chaebols in their efforts for production of exports, the South Korean government sponsored cheap loans for chaebols. Daewoo was one of these companies that benefited in 1967. This was at the start of the second five-year plan. The company Daewoo took advantage of the huge workforce of the country, its primary asset. By focusing on labour-intensive industries, such as clothing and textile, the company generated high profits. The factory of the company in Pusan made 3.6 million shirts on a monthly basis. The company also made simple manufacturing machines, which were also labour intensive. Throughout this time, Daewoo helped to boost the level of South Korea's exports, which were growing almost 40% per year.



Once the demand for labour pushed wages up, Korea's comparative advantage in labor-intensive production started to decline. Competition from malasya and Thailand forced Korea to refocus its energies on other industries, like petrochemicals, shipbuilding, mechanical and electrical engineering, and construction. This specific phase of Korea's economic recovery lasted from the year 1973 to 1981. This took place at the same time as the United States announced its plans to totally withdraw its peacekeeping forces from the nation. The new emphasis in production was intended to further expand Korea's exports while at the same time making components which previously had to be imported. Local parts manufacturing helped to strengthen domestic industries and make possible a national defense industry.

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