Daewoo High Capacity Forklift
In the early part of the 1960s, South Korea was going through a serious trade deficit. The country's domestic market was not strong enough to support domestic industries. After World War II, 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 after the US military withdrawal. During 1953, the nation was finally at peace, and South Korea began an intensive drive towards economic development, quickly transforming from an agrarian economy to an industrial, centrally planned economy. Determined to never again experience hostile invasions and lack of essential resources, South Korea became an economic miracle. Daewoo Group was founded by Kim Woo Choong during this period of economic emergence. Daewoo, that translates as "Great Universe," was founded in the year 1967.
Even though the corporation's initial share capital was just $18,000, Kim as well as his partners believed that the company would be successful. This proved true, because Daewoo became amongst the biggest chaebols, or corporations of the country. The business had operations within a wide range of businesses, like for instance motor vehicles, building ships, heavy industry, aerospace, consumer electronics, telecommunications, financial services and trading. Exports were heavily promoted and a network of offices was established in different countries. Ultimately, there were over 100 branches throughout the world. The corporation at its peak sold thousands of various items in more than 130 nations. By the latter part of the 1990s the company had become significantly overextended. The corporation was really in debt, and Kim faced charges of corporate wrong doing. The South Korean government ordered the conglomerate dismantled in the year 1999 and other corporations bought most of the company's holdings.
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