Samsung says ready to overcome global uncertainties in 2020

SEOUL, Jan. 2 (Yonhap) -- Samsung Electronics Co., the world's leading memory chip and smartphone maker, on Thursday stressed that innovative efforts are needed to secure future growth engine for the new year amid mounting uncertainties in the global economy.

Samsung said the year 2020 is likely to be a tough year, but the company will try to overcome challenges.

"The global economy this year is expected to be more difficult due to a slowdown in global growth, growing political uncertainties and a possibility of sluggish demand," Kim Ki-nam, vice chairman of Samsung Electronics said in his speech for the new year. "We must secure our future growth engine by combining innovation and creativity, and developing our tradition and assets."

Kim also stressed a need to make Samsung a company that can stay healthy against changes in economic conditions.

Samsung was predicted to suffer a sharp decline in its 2019 profits due to weak chip prices, but local analysts said the company is likely to see improved earnings this year as semiconductor prices are expected to rebound and sales of smartphones will increase.

Meanwhile, Samsung's smaller tech rival LG Electronics Inc. emphasized a "digital transformation" in its New Year's resolution.

"Linking content and services with our products and securing new growth engines with connected devices will be the core of our digital transformation," said LG Electronics CEO Brian Kwon in his message for the new year. "To have a sustainable growth, we also need to focus on growth based on changes."

kdon@yna.co.kr
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