Daewoo High Capacity Forklift Austin

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



Even if the company's initial share capital was just $18,000, Kim as well as his partners believed that the business would be successful. This proved true, and Daewoo went on to become one of the nation's largest chaebols, or conglomerates. The corporation had operations within a wide array of industries, including motor vehicles, building ships, heavy industry, aerospace, consumer electronics, telecommunications, financial services and trading. Exports were heavily promoted and a network of offices was established abroad. Eventually, there were over 100 branches throughout the globe. The corporation at its peak sold thousands of various items in over 130 countries. By the late 1990s the corporation had become considerably overextended. The business was seriously in debt, and Kim faced charges of corporate wrong doing. The South Korean government ordered the corporation dismantled in 1999 and other businesses bought most of Daewoo's holdings.

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