Daewoo Large Capacity Forklift Eugene

Early History

The South Korean government during the early 1960s started a new economic strategy which required large businesses known as "chaebols" to focus on producing exports. This new plan called for a series of five year plans which were designed to decrease 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 y both South Korea's Far East competitors, Taiwan and Hong Kong. The company Daewoo had a major part in this effort to improve 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 businesses which benefited in the year 1967. This was at the start 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 textile and clothing, the company yielded high earnings. The factory of the corporation in Pusan produced 3.6 million shirts each month. The company also made simple manufacturing equipment, that were also labour intensive. During this time, Daewoo helped to increase the level of exports of South Korea, that were growing nearly 40 percent per year.



Korea's comparative advantage in labor-intensive production started to decline, once the demand for labour pushed the wages upwards. Malaysia and Thailand became market competitors to South Korea, that forced the country to concentrate on the industries of shipbuilding, petrochemicals, electrical and mechanical engineering, and construction. This specific phase of the country's economic recovery lasted from 1973 to nineteen eighty one. This happened at the same time as the US announced its intentions to completely withdraw its peacekeeping forces from the nation. The new emphasis in manufacturing was intended to further expand Korea's exports while at the same time making parts which previously had to be imported. Local components manufacturing helped to strengthen domestic industries and make possible a national defense industry.

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