Daewoo High Capacity Forklift Phoenix

South Korea was experiencing a serious trade deficit during the early part of the 1960s. The nation's domestic market was not strong enough to support domestic industries. Following 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 after the US military withdrawal. During 1953, the nation was at peace finally, and South Korea started an intensive drive towards economic development, transforming rapidly 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 established by Kim Woo Choong during this period of economic emergence. Daewoo, that translates as "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 company would become a great success. This proved true, because Daewoo became among the largest chaebols, or companies of the country. The corporation had operations in a wide range of industries, like for instance motor vehicles, building ships, aerospace, heavy industry, telecommunications, consumer electronics, financial services and trading. Exports were promoted heavily and a network of offices was established abroad. Eventually, there were over 100 branches all over the world. The company at its peak sold thousands of various products in more than 130 nations. By the late 1990s the company had become considerably overextended. The corporation was really in debt, and Kim was accused of corporate wrong doing. The South Korean government ordered the company dismantled during 1999 and other businesses purchased most of the company's holdings.

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