Daewoo Large Capacity Forklift Mesa

Early History

In the early 1960s, the government of South Korea started a new economic plan that requires the conglomerates, or chaebols, to concentrate on increasing production for export. A series of five year plans laid out the policy for decreasing South Korea's trade deficit while strengthening domestic production. This was a plan that had already been successfully used by Hong Kong and Taiwan, the Far East competitors of South Korea. The company Daewoo had a significant part in this effort to boost the importance of South Korea's exports.



The South Korean government sponsored cheap loans for chaebols producing products for export. Daewoo benefited from the loans when it started trading in the year 1967. This was at the beginning of the second five-year plan. The corporation Daewoo took advantage of the large labor force of the nation, its primary asset. By concentrating on labour-intensive businesses, like clothing and textile, the company yielded high earnings. The corporation's factory within Pusan made 3.6 million shirts each month. The company also made basic manufacturing equipment, which were also labour intensive. Throughout this time, Daewoo helped to increase South Korea's level of exports, which were growing nearly 40 percent per year.



Korea's comparative advantage in labor-intensive production started to decline, when the demand for labour pushed the wages upwards. Malaysia and Thailand became market competitors to South Korea, which forced the country to concentrate on the businesses of petrochemicals, shipbuilding, mechanical and electrical engineering, and construction. This phase of the country's economic recovery lasted from 1973 to the year 1981. This happened at the same time as the US announced its plans to completely withdraw its peacekeeping forces from the nation. The new emphasis in production was meant to further expand Korea's exports while at the same time making components that previously had to be imported. Domestic parts production helped to make possible a national defense industry and strengthen domestic businesses.

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