Daewoo High Capacity Forklift Portland

South Korea was going through a serious trade deficit during the early 1960s. The nation's domestic market was not strong enough to support domestic businesses. Following WWII, when the Allies divided Korea, all the natural resources were in the territory north of the 38th parallel. With its stronger military, North Korea, wasted little time before invading the South following the US military withdrawal. During 1953, the country was finally at peace, and South Korea started an intensive drive towards economic development, transforming rapidly from an agrarian economy to an industrial, centrally planned economy. Determined to never again go through hostile invasions and lack of essential resources, South Korea became an economic miracle. Daewoo Group was established by Kim Woo Choong during this period of economic emergence. Daewoo, which means "Great Universe," was established during 1967.



Even if the company's initial share capital was only $18,000, Kim as well as his partners believed that the company will be successful. This proved true, and Daewoo went on to become one of the nation's biggest chaebols, or companies. The corporation had operations within a huge array of businesses, including motor vehicles, building ships, aerospace, heavy industry, telecommunications, consumer electronics, financial services and trading. Exports were heavily promoted and a network of offices was established in different nations. Ultimately, there were over 100 branches all around the world. The business at its peak sold thousands of different items in more than 130 countries. By the late 1990s the company had become considerably overextended. The company was really in debt, and Kim was accused of corporate wrong doing. The government of South Korea ordered the conglomerate dismantled during 1999 and other corporations purchased most of Daewoo's holdings.

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