Used Daewoo Large Capacity Forklift Berkeley

Early History
In the early part of the 1960s, the government of South Korea started a new economic strategy requiring the conglomerates, or chaebols, to concentrate on increasing production for export. A series of five year plans laid out the policy for decreasing the trade deficit of South Korea while strengthening local production. This was a plan that had already been successfully employed by Hong Kong and Taiwan, the Far East competitors of South Korea. The corporation Daewoo had a key part in this effort to improve the importance of South Korea's exports.

The South Korean government sponsored cheap loans for chaebols producing products for export. Daewoo benefited from the loans when it began trading during the year 1967. This was at the beginning of the second five-year plan. Daewoo took advantage of the country's large workforce, its primary asset. By concentrating on labour-intensive industries, like for instance clothing and textile, the business yielded high profits. The company's factory in Pusan made 3.6 million shirts each and every month. Additionally, the company manufactured basic manufacturing machines, which were labour intensive too. In this time, the company Daewoo helped to boost South Korea's level of exports, that were growing nearly 40% per year.

Korea's comparative advantage in labor-intensive production began to decline, when the demand for labour pushed the wages upwards. Thailand and Malaysia became market competitors to South Korea, that forced the country to focus on the industries of petrochemicals, shipbuilding, mechanical and electrical engineering, and construction. This phase of the country's economic recovery lasted from the year 1973 to 1981. This occurred at the same time as the United States announced its plans to totally withdraw its peacekeeping forces from the nation. The new emphasis in production was intended to further expand Korea's exports while at the same time making components which had to be imported previously. Domestic components manufacturing helped to make possible a national defense industry and strengthen domestic industries.

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