Daewoo High Capacity Forklift Oakland

South Korea was dealing with a serious trade deficit in the early part of the 1960s. The country's domestic market was not strong enough to support domestic industries. Following World War II, when the Allies divided Korea, all the natural resources were in the territory north of the 38th parallel. North Korea, with its stronger military, wasted little time before invading the South after the US military withdrawal. During the year 1953, the country was at peace finally, and South Korea began an intensive drive towards economic growth, transforming quickly from an agrarian economy to a centrally planned, industrial economy. Determined to never again experience hostile invasions and lack of vital resources, South Korea became an economic miracle. Daewoo Group was established by Kim Woo Choong in this period of economic emergence. Daewoo, which translates as "Great Universe," was established in 1967.



The initial share capital of the company was only $18,000, but Kim and his partners believed that the company will become a great success. This proved true, because Daewoo became amongst the biggest chaebols, or corporations of the country. The corporation had operations within a wide array of industries, like shipbuilding, motor vehicles, heavy industry, aerospace, telecommunications, consumer electronics, financial services and trading. Exports were promoted a lot and a network of offices was established abroad. Ultimately, there were more than 100 branches throughout the world. The company at its peak sold thousands of various products in over 130 nations. By the latter part of the 1990s the corporation had become significantly overextended. The business was really in debt, and Kim faced charges of corporate wrong doing. The government of South Korea ordered the corporation dismantled during the year 1999 and other corporations bought most of Daewoo's holdings.

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