Daewoo Large Capacity Forklift Dallas

Early History

The South Korean government during the early 1960s started a new economic strategy that required large businesses called "chaebols" to focus on manufacturing exports. This new strategy called for a series of five year plans which were intended to lessen the trade deficit the country was going through while helping to bolster the nation's production. This was a plan which had already been successfully employed y both the Far East competitors of South Korea, Hong Kong and Taiwan. Daewoo had a significant part in this effort to enhance the significance of South Korea's exports.



The South Korean government sponsored cheap loans for chaebols manufacturing goods for export. Daewoo benefited from the loans when it began trading in the year 1967. This was at the beginning of the second five-year plan. The company Daewoo took advantage of the nation's huge workforce, its primary asset. By concentrating on labour-intensive businesses, like clothing and textile, the company yielded high profits. The corporation's factory in Pusan produced 3.6 million shirts each and every month. The company also made basic manufacturing machinery, which were also labour intensive. During this time, Daewoo helped to increase the level of exports of South Korea, that were growing nearly 40% per year.



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

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