Daewoo Big Forklifts San Diego

Daewoo moved into the construction industry, helping to create the new village movement, which was a part of the rural development program in Korea. The company was also able to take advantage of the growing markets within the Middle East and in Africa. Daewoo was given its GTC designation during this time. Major investment help was offered by the South Korean government to the corporation in the form of subsidized loans. The competing countries were angered by South Korea's strict import controls, but the government knew that, independently, the chaebols will never survive the world recession caused by the 1970's oil crisis. Protectionist policies were necessary to make sure that the economy continued to grow.



Daewoo's move into shipbuilding was required by the government, even though Kim felt that Samsung and Hyundai had greater knowledge in heavy engineering and was more suited to shipbuilding than Daewoo. Kim did not want to take responsibility for the largest dockyard in the world, at Okpo. He said numerous times that the government of Korea was stifling his entrepreneurial instinct by forcing him to carry out actions based on duty instead of earnings. In spite of his reluctance, Kim was able to turn Daewoo Shipbuilding and Heavy Machinery into a really profitable corporation manufacturing oil rigs and ships which are competitively priced on a tight production schedule. This happened during the 1980s when the economy in South Korea was experiencing a liberalization stage.



Throughout this period, the government relaxed its protectionist measures and encouraged the existence of small- and medium-sized businesses. Daewoo was forced to divest two of its important textile companies, and its shipbuilding industry faced stiffer competition from abroad. The government's objective was to shift to a free market economy by encouraging a more efficient allocation of resources. Such a policy was intended to make the chaebols more aggressive in their international dealings. Nevertheless, the new economic conditions caused some chaebols to fail. The Kukje Group, one of Daewoo's competitors, went into liquidation during the year 1985. The shift of government favour to small private businesses was meant to spread the wealth which had before been concentrated in Seoul and Pusan, Korea's industrial centers.

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