Daewoo Large Capacity Forklift Houston

Early History

The South Korean government in the early part of the 1960s started a new economic plan that required huge corporations known as "chaebols" to concentrate on manufacturing exports. This new plan called for a series of five year plans which were intended to reduce the trade deficit the nation was experiencing while helping to bolster the nation's production. This was a strategy which had already been successfully utilized by Taiwan and Hong Kong, the Far East competitors of South Korea. The company Daewoo had a significant part in this effort to enhance the significance of South Korea's exports.



To assist the chaebols in their efforts for production of exports, the South Korean government sponsored cheap loans for chaebols. Daewoo was among these companies which benefited in 1967. This was at the beginning of the second five-year plan. Daewoo took advantage of the country's large labor force, its primary asset. By focusing on labour-intensive businesses, like for instance clothing and textile, the company yielded high earnings. The factory of the company in Pusan made 3.6 million shirts on a monthly basis. Also, the corporation manufactured simple manufacturing machines, that were labour intensive too. During this time, the corporation Daewoo helped to boost the level of South Korea's exports, that were growing almost 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, such as petrochemicals, shipbuilding, electrical and mechanical engineering, and construction. This specific phase of Korea's economic recovery lasted from the year 1973 to nineteen eighty one. This happened at the same time as the United States announced its plans to totally withdraw its peacekeeping forces from the nation. The new emphasis in manufacturing was meant to further expand Korea's exports while at the same time making components that had to be imported previously. Local parts production helped to strengthen domestic businesses and make possible a national defense industry.

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