By Kim Yoo-chul
Samsung Electronics Chairman Lee Kun-hee Monday accented the role of a responsible corporate citizen as the “people’s company” for the business conglomerate.
“The global economy will see little growth so it is our responsibility to help advance the nation’s economy,” said Lee.
He made the remarks during a New Year ceremony to exchange greetings with company executives at the Shilla Hotel in downtown Seoul.
The chairman said Samsung will make more investment in facilities and expand hiring, expressing his hope that other firms will increase their capital expenditure to help the sagging local job sector find strong momentum.
The conglomerate is expected to invest a record 50 trillion won this year, including 38 trillion won by the group’s flagship Samsung Electronics alone, according to company officials.
“Samsung should focus on investment, exports, finding new business fields and releasing and developing new products this year to effectively combat risks arising from a slow global economy and embrace chances in the industry,” Lee said.
He confirmed his plan to attend the upcoming International Consumer Electronics Show (CES) to be held in Las Vegas from the second week of this month with his three children — Samsung heir-apparent Lee Jay-yong, oldest daughter Lee Boo-jin and youngest daughter Lee Seo-hyun.
“I will directly meet with Samsung presidents to learn about their struggles and complaints. Our status has changed from previous years and that’s why I should go there to find new business ideas,” the chairman said.
Samsung Electronics posted a record 154.6 trillion won or $133.7 billion in revenue for 2010. The world’s biggest manufacturer of televisions, computer chips, flat screens and smartphones has forecast its turnover to increase to 163.9 trillion won in 2011, according to analysts and company officials.
Samsung Electronics spokesman Lee Seung-joon declined to unveil details of the chairman’s plans for the technology fair. Lee Kun-hee just urged “innovation” in products.
“Samsung’s future will be left at the mercy of new businesses, new products and new technologies. We should only think about new things,” he said. “Samsung’s existing businesses will stagnate this year while new growth areas will face tougher conditions.”
Separately, the firm’s mobile chief Shin Jong-kyun confirmed that it has been on a path to develop an upgraded smartphone tentatively called the Galaxy S III. However, Shin declined to give further details such as a possible release date.
“This year will be tough, but we will do our best. With the Galaxy S III, we are injecting more resources and investments because Samsung is looking to introduce a completely new and advanced smartphone,” Shin told reporters.