Daewoo Big Forklifts Tucson

Daewoo expanded into the construction business, helping the new village movement, a development program for rural Korea. The company also capitalized on the burgeoning Middle Eastern and African markets. Daewoo was given its GTC designation at this time. The government of South Korea provided major investment assistance to the corporation in the form of subsidized loans. The competing countries were angered by the strict import controls of South Korea, but the government knew that, independently, the chaebols would never survive the world recession caused by the oil crisis during the 1970s. Protectionist policies were essential to make sure that the economy continued to grow.



Even though the government felt that both Hyundai and Samsung had the better skill in heavy engineering, Daewoo was forced into shipbuilding by the government. Okpo, the largest dockyard in the world was not a responsibility which Kim was wanting. He said many times that the Korean government was stifling his entrepreneurial instinct by forcing him to undertake actions based on responsibility rather than revenue. Despite his reluctance, Kim was able to turn Daewoo Shipbuilding and Heavy Machinery into a successful corporation producing competitively priced ships and oil rigs on a tight production timetable. This happened in the 1980s when South Korea's economy was going through a liberalization stage.



The government in this time was lessening its protectionist measures that helped to fuel the rise of small companies and medium-sized companies. Daewoo had to divest two of its textile companies at this time and the shipbuilding business was beginning to attract more foreign competition. The objective of the government was to shift to a free market economy by encouraging a more efficient allocation of resources. Such a policy was intended to make the chaebols more aggressive in their worldwide dealings. However, the new economic climate caused some chaebols to fail. Among Daewoo's competitors, the Kukje Group, went into bankruptcy during 1985. The shift of government favour to small private businesses was intended to spread the wealth which had before been concentrated in Pusan and Seoul, Korea's industrial centers.

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