Daewoo Large Capacity Forklift Fort Worth

Early History

The government of South Korea in the early 1960s began a new economic plan that required huge corporations referred to as "chaebols" to focus on manufacturing exports. This new plan called for a series of five year plans that were designed to decrease the trade deficit the nation was going through while helping to bolster the nation's production. This was a plan that had already been successfully used by South Korea's Far East competitors, Taiwan and Hong Kong. Daewoo had a key part in this effort to enhance the significance of South Korea's exports.



The government of South Korea sponsored cheap loans for chaebols manufacturing goods for export. Daewoo benefited from the loans when it began trading during 1967. This was at the beginning of the second five-year plan. Daewoo capitalized on the huge workforce of the nation, its primary asset. By focusing on labour-intensive industries, like for instance clothing and textile, the business generated high profits. The factory of the company in Pusan made 3.6 million shirts every month. The corporation also made basic manufacturing equipment, that were labour intensive as well. During this time, the corporation Daewoo helped to increase the level of South Korea's exports, which were growing nearly 40 percent per year.



When the demand for labour pushed wages up, Korea's comparative advantage in labor-intensive production began to decline. Competition from Thailand and Malaysia forced Korea to refocus its energies on other businesses, like shipbuilding, petrochemicals, electrical and mechanical engineering, and construction. This phase of Korea's economic recovery lasted from the year 1973 to nineteen eighty one. This took place at the same time as the United States announced its plans to completely withdraw its peacekeeping forces from the nation. The new emphasis in production was meant to further the expansion of Korea's exports while at the same time producing parts that previously had to be imported. Domestic components production helped to make possible a national defense industry and strengthen domestic industries.

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