Daewoo High Capacity Forklift
South Korea was dealing with 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. After WWII, 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 following the withdrawal of the U.S. military. In the year 1953, the country was at peace finally, and South Korea started an intensive drive towards economic development, 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 means "Great Universe," was founded during 1967.
The initial share capital of the corporation was just $18,000, but Kim along with his partners believed that the business would become a great success. This proved true, and Daewoo went on to become one of the country's biggest chaebols, or corporations. The business had operations in a huge range of industries, including motor vehicles, shipbuilding, aerospace, heavy industry, consumer electronics, telecommunications, trading and financial services. Exports were promoted heavily and a network of offices was established abroad. Ultimately, there were more than 100 branches all over the globe. The business at its peak sold thousands of various items in over 130 countries. By the late 1990s the business had become significantly overextended. Daewoo was really in debt, and Kim was accused of corporate wrong doing. The government of South Korea ordered the conglomerate dismantled in 1999 and other businesses purchased most of the company's holdings.
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