Daewoo Large Capacity Forklift Sacramento

Early History

The government of South Korea in the early 1960s started a new economic strategy which required large corporations known as "chaebols" to focus on manufacturing exports. This new strategy called for a series of five year plans that were designed to reduce the trade deficit the nation was experiencing while helping to bolster the country's production. This was a strategy that had already been employed successfully y both the Far East competitors of South Korea, Taiwan and Hong Kong. The company Daewoo had a significant part in this effort to boost the importance of South Korea's exports.



To help the chaebols in their efforts for production of exports, the South Korean government sponsored cheap loans for chaebols. Daewoo was amongst these companies which benefited in the year 1967. This was at the beginning of the second five-year plan. Daewoo took advantage of the nation's large workforce, its primary asset. By concentrating on labour-intensive businesses, such as textile and clothing, the business yielded high earnings. The factory of the corporation within Pusan produced 3.6 million shirts on a monthly basis. In addition, the corporation made basic manufacturing machines, that were labour intensive as well. Throughout this time, Daewoo helped to increase the level of exports of South Korea, that were growing almost 40 percent per year.



When the demand for labour pushed wages up, the comparative advantage in labor-intensive production in Korea began to decline. Competition from Thailand and Malaysia forced Korea to refocus its energies on other industries, like petrochemicals, shipbuilding, mechanical and electrical engineering, and construction. This phase of the country's economic recovery lasted from the year 1973 to nineteen eighty one. This happened at the same time as the US announced its plans to completely withdraw its peacekeeping forces from the country. The new emphasis in production was intended to further the expansion of Korea's exports while at the same time manufacturing components which previously had to be imported. Local parts manufacturing helped to make possible a national defense industry and strengthen domestic industries.

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