Daewoo is the Korean interpretation of “Great Universe”. Daewoo was founded in 1967 on 22nd March as the Daewoo Industrial. Again in 1999, the company got dismantled by the Korean government. On May 30 in 2006 Kim Woo-jung, the founder of Daewoo, got sentenced by one Seoul court with a fine of approximately 21 trillion or $22bn US dollar and 8 and a 1/2 years in prison on different charges like, embezzlement and fraud. Kim Woo-jung, the founder of Daewoo was the son of the Governor of Daegu. Kim Woo-jung was graduated from Kyonggi High School and received an Economics Degree from Yonsei University in Seoul. In March 1967, Kim Woo-jung established the Daewoo Group. Soon Daewoo started being counted among the Big Four chaebol of South Korea. Daewoo was an industrial and a comprehensive service conglomerate that has started expanding their business in the global market through different joint ventures throughout the world. As the Syngman Rhee government ended in the 1960s, the new government under the leadership of Park Chung Hee started promoting the growth and development of the country. He promoted exports of the country, took initiative to finance industrialization. It is said that all these things were done for a political support from the company. Initially the Korean government In the beginning, the Korean government inspired a number of five-year plans for the operation of which chaebol were very much necessary, in order to meet several basic objectives. Daewoo did not make a mark and got the attention of the automobile markets till the second five-year plans started getting materialized. Daewoo was also sponsored by the government. Cheap loans were sanctioned to the company on the basis of its potential export profits. Initially the company concentrated on textile industries, more specifically, labor-intensive clothing. This provided the company with high profit margins. The huge work force of South Korea is the biggest asset of the company, Daewoo. During the period from 1973 to 1981 the fourth and fifth 5 year planning were done. During this period, the labor force in South Korea was in high demand. Korea’s competitive edge was blunted by competition from many other automobile manufacturing countries of different countries. The government of the country responded very positively to this change in the automobile Industry of the world by focusing on electrical and mechanical engineering, petrochemicals, shipbuilding, military initiatives and construction. Towards the end of this period, the South Korean government compelled Daewoo to get involved in ship-buildings. Kim was not willing to get into this industry. Very soon, Daewoo earned a reputation for manufacturing ships of lesser price and also oil rigs. The next decade, the South Korean government started becoming much more liberal in their economic policies. Tiny private companies got encouraged by loosening the restrictions of protectionist import. The government stopped discriminating between the companies to pave the way for free marketing trade. The government also tried to force the chaebol for being more aggressive outside South Korea. Daewoo responded to this new idea by setting up several joint ventures with a little bit of help from the U.S. and other European companies. In order to have more information on Famous Brands Of Car, visit the other pages on car-maintenance.ucoz.com.