Daewoo High Capacity Forklift Phoenix

South Korea was experiencing a serious trade deficit during the early part of the 1960s. The domestic market of the country was not truly that strong to support domestic industries. 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 after the US military withdrawal. In the year 1953, the country was finally at peace, and South Korea began an intensive drive towards economic growth, quickly transforming from an agrarian economy to a centrally planned, industrial economy. Determined to never again go through hostile invasions and lack of vital resources, South Korea became an economic miracle. Daewoo Group was established by Kim Woo Choong during this period of economic emergence. Daewoo, that means "Great Universe," was established during the year 1967.



The initial share capital of the company was just $18,000, but Kim along with his partners believed that the company would become a great success. This proved true, and Daewoo went on to become amongst the country's largest chaebols, or conglomerates. The corporation had operations within a wide array of businesses, like building ships, motor vehicles, aerospace, heavy industry, consumer electronics, telecommunications, financial services and trading. Exports were promoted a lot and a network of offices was established abroad. Ultimately, there were over 100 branches all over the globe. The corporation at its peak sold thousands of various products in over 130 nations. By the late 1990s the business had become significantly overextended. Daewoo was really in debt, and Kim faced charges of corporate wrong doing. The South Korean government ordered the conglomerate dismantled in 1999 and other businesses purchased most of Daewoo's holdings.

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