Daewoo High Capacity Forklift Portland

South Korea was going through 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. With its stronger military, North Korea, wasted little time before invading the South after the withdrawal of the U.S. military. In the year 1953, the country was finally at peace, and South Korea began an intensive drive towards economic growth, transforming rapidly 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 during this period of economic emergence. Daewoo, which translates as "Great Universe," was established in 1967.



Even if the corporation's initial share capital was just $18,000, Kim as well as his partners believed that the business would be successful. This proved true, because Daewoo became amongst the biggest chaebols, or companies of the country. The corporation had operations within a huge range of businesses, like for instance building ships, 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. Eventually, there were more than 100 branches all over the globe. The corporation at its peak sold thousands of different items in over 130 nations. By the late 1990s the corporation had become considerably overextended. The corporation was seriously in debt, and Kim was accused of corporate wrong doing. The government of South Korea ordered the company dismantled in 1999 and other businesses purchased most of the company's holdings.

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