Newly-appointed SK hynix CEO Lee Seok-hee said Tuesday the global market for memory chips is anticipated to continue to grow despite short-term tumbles, claiming the company should devise strategies based on long-term visions.

"Although there will be short terms ups and downs, it is evident that the chip industry will maintain growth led by memory products," Lee said in his inauguration speech.

"While preparing for some cold spells, we should also prepare for the future," he added.

The chief executive also said employees should be proud of the fact that the company is already the world's No. 3 chipmaker, claiming that it is moving forward to become the top player in the industry.

The new CEO cited artificial intelligence and big data technologies as new growth engines for the company, claiming it will penetrate deeper into those areas down the road.

During the announcement of its third-quarter performance, SK hynix cited intensifying tension over trade around the globe and falling price outlooks as some of the challenges for dynamic random-access memory chip business.

The chipmaker, however, said demand for its products is anticipated to remain solid as the industry calls for the adoption of high-capacity chips amid the development of new technologies, including artificial intelligence. (Yonhap)