Daewoo Large Capacity Forklift El Paso

Early History

In the early 1960s, the South Korean government started a new economic plan requiring the chaebols, or conglomerates, to focus on increasing production for export. A series of five year plans laid out the policy for decreasing the trade deficit of South Korea while strengthening domestic production. This was a plan that had already been utilized successfully by South Korea's Far East competitors, Taiwan and Hong Kong. The company Daewoo was a significant player in this effort to improve the importance 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 the year 1967. This was at the beginning of the second five-year plan. Daewoo took advantage of the large labor force of the nation, its primary asset. By focusing on labour-intensive businesses, like clothing and textile, the company yielded high earnings. The corporation's factory in Pusan made 3.6 million shirts on a monthly basis. The company also made basic 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 began 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 businesses of shipbuilding, petrochemicals, electrical and mechanical engineering, and construction. This particular phase of the country's economic recovery lasted from the year 1973 to 1981. This occurred 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 simultaneously making parts that previously had to be imported. Domestic components production helped to make possible a national defense industry and strengthen domestic businesses.

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