Daewoo High Capacity Forklift Arlington

South Korea was experiencing a serious trade deficit in the early 1960s. The domestic market of the nation was not truly that strong to support domestic businesses. After World War II, when Korea was divided by the Allies, all the natural resources were in the territory north of the 38th parallel. North Korea, with its stronger military, wasted little time before invading the South after the US military withdrawal. In the year 1953, the nation was finally at peace, and South Korea began an intensive drive towards economic development, quickly transforming from an agrarian economy to an industrial, centrally planned economy. Determined to never again experience hostile invasions and lack of essential resources, South Korea became an economic miracle. Daewoo Group was established by Kim Woo Choong during this period of economic emergence. Daewoo, that means "Great Universe," was founded in 1967.



Even though the corporation's initial share capital was only $18,000, Kim and his partners believed that the business will be successful. This proved true, because Daewoo became among the largest chaebols, or companies of the nation. The business had operations within a wide range of businesses, like motor vehicles, building ships, aerospace, heavy industry, consumer electronics, telecommunications, financial services and trading. Exports were promoted heavily and a network of offices was established abroad. Eventually, there were more than 100 branches throughout the world. The business at its peak sold thousands of various items in more than 130 countries. By the latter part of the 1990s the business had become significantly overextended. The company was seriously in debt, and Kim was accused of corporate wrong doing. The government of South Korea ordered the corporation dismantled during 1999 and other businesses bought most of the company's holdings.

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