Samsung heir urges bold investments for future biz

The Samsung Galaxy Fold phone is shown on a screen at Samsung Electronics Co Ltd’s Unpacked event in San Francisco

The Samsung Galaxy Fold phone is shown on a screen at Samsung Electronics Co Ltd’s Unpacked event in San Francisco

Lee Jae-Yong or Jay Y. Lee, the Vice Chairman of the tech industry giant hailing from South Korea Samsung Electronic Co. reveals that the company is seeking to invest in sixth-generation (6G) mobile networking and "system semiconductors" to stay ahead of the competition in the rapidly evolving tech arena.

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The presidents reportedly discussed ways to differentiate themselves by developing advanced leading technologies and new services that will be the driving force for new growth in the future.

"We are planning to arrange meetings with presidents of CE (Consumer Electronics) and other related companies sequentially." said a representative for the company.

Although the company tried to boost demand in the high-end market with its Galaxy Fold priced at $1,950, the tech giant's April launch schedule has been constantly pushed back without further notice over durability issues.

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His meeting with the handset division executives came two weeks after having a separate gathering with senior officials of the semiconductor and display business as the company was assessing the ripple effect from the U.S. decision to put a ban on Chinese tech giant Huawei. Samsung said earlier this week it will announce the updated schedule 'in the coming weeks, ' without elaborating.

Samsung has been taking special care of the cryptocurrency technology with the wallet now embedded onto the phones Samsung has paid top dollar for this innovation.

Lee Jae-yong, vice chairman of Samsung Electronics, sought to awaken the entrepreneurial spirit of company executives at a recent meeting held on June 14 to discuss the global business strategy of the company's IT and Mobile (IM) Division.

Samsung earns over half of its money from the United States and China, leaving it more vulnerable to prolonged trade conflicts between the world's two largest economies. -China trade war, falling prices of memory semiconductors and the prosecution's questioning of key company officials in connection with its investigation into the accounting fraud allegations against Samsung BioLogics.

He called on the presidents to "not be swayed by any change in the business environment and to carry out investment for the future without a hitch".

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