Daewoo High Capacity Forklift Tucson

South Korea was experiencing 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. North Korea, with its stronger military, wasted little time before invading the South following the withdrawal of the U.S. military. In 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 experience hostile invasions and lack of essential resources, South Korea became an economic miracle. Daewoo Group was established by Kim Woo Choong in this period of economic emergence. Daewoo, that means "Great Universe," was established in 1967.



The initial share capital of the company was just $18,000, but Kim and his partners believed that the company will become a great success. This proved true, because Daewoo became among the biggest chaebols, or corporations of the country. The corporation had operations in a huge range of industries, like for example building ships, motor vehicles, heavy industry, aerospace, consumer electronics, telecommunications, trading and financial services. Exports were heavily promoted and a network of offices was established in different nations. Eventually, there were more than 100 branches throughout the globe. The corporation at its peak sold thousands of different products in more than 130 countries. By the late 1990s the company had become significantly overextended. The business was really in debt, and Kim faced charges of corporate wrong doing. The government of South Korea ordered the company dismantled during the year 1999 and other corporations purchased most of the company's holdings.

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