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Daewoo High Capacity Forklift

Daewoo High Capacity Forklift

South Korea was experiencing a serious trade deficit during the early 1960s. The country's domestic market was not strong enough to support domestic businesses. 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 US military withdrawal. During the year 1953, the nation was at peace finally, and South Korea began an intensive drive towards economic growth, transforming quickly from an agrarian economy to an industrial, centrally planned economy. Determined to never again go through hostile invasions and lack of essential resources, South Korea became an economic miracle. Daewoo Group was established by Kim Woo Choong in this period of economic emergence. Daewoo, which translates as "Great Universe," was founded during the year 1967.

The initial share capital of the company was just $18,000, but Kim along with his partners believed that the company would become a great success. This proved true, and Daewoo went on to become amongst the country's largest chaebols, or corporations. The company had operations in a huge array of industries, like shipbuilding, motor vehicles, heavy industry, aerospace, consumer electronics, telecommunications, trading and financial services. Exports were promoted heavily and a network of offices was established abroad. Ultimately, there were over 100 branches throughout the world. The corporation at its peak sold thousands of different products in over 130 countries. By the latter part of the 1990s the company had become considerably overextended. The company was really in debt, and Kim faced charges of corporate wrong doing. The government of South Korea ordered the company dismantled in 1999 and other corporations purchased most of the company's holdings.

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