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Samsung Chairman Lee Urges Innovation as Global Economy Slows

Jan. 2 (Bloomberg) -- Samsung Electronics Co. Chairman Lee Kun Hee said his business should embrace more openness and innovation to continue expanding amid slow growth in the global economy and increasing competition.

“Samsung’s future hinges on new businesses, new products and new technologies,” Lee said, according to a summary of a speech he gave to employees today. “We should make our corporate culture more open, flexible and innovative.”

Low growth in the global economy is likely to continue this year, Lee said, according to the summary, which was distributed by Samsung Group via e-mail. Samsung Group, whose 2010 sales were equivalent to one-fifth of South Korea’s gross domestic product, should expand investment and hiring, the chairman said.

Samsung Electronics, the flagship unit of the group, posted a record 154.6 trillion won ($133.7 billion) in revenue in 2010. The television, computer-chip and mobile maker’s revenue is forecast to increase to 163.9 trillion won in 2011, according to Bloomberg data.

To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net

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