Daewoo High Capacity Forklift
In the early 1960s, South Korea was experiencing a serious trade deficit. The domestic market of the country was not really that strong to support domestic businesses. After WWII, when Korea was divided by the Allies, 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 following the US military withdrawal. In 1953, the nation was at peace finally, and South Korea began an intensive drive towards economic development, transforming rapidly from an agrarian economy to an industrial, centrally planned 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 founded during the year 1967.
Even if the company's initial share capital was just $18,000, Kim and his partners believed that the company would be successful. This proved true, and Daewoo went on to become amongst the country's biggest chaebols, or businesses. The corporation had operations within a huge range of industries, including shipbuilding, motor vehicles, heavy industry, aerospace, telecommunications, consumer electronics, trading and financial services. Exports were heavily promoted 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 latter part of the 1990s the corporation had become significantly overextended. The corporation was seriously in debt, and Kim faced charges of corporate wrong doing. The South Korean government ordered the company dismantled in the year 1999 and other businesses bought most of the company's holdings.
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