Lee Kun-hee, chairman of Samsung Electronics Co., said Tuesday that the electronics giant should produce more competitive products in order to dominate the global markets.

Samsung Electronics is the world’s top maker of computer memory chips, liquid-crystal display panels and flat-screen TVs. It is also the runner-up in the semiconductor market after Intel Corp. and is the No. 2 mobile brand after Nokia Corp. In the heated market for smartphones where Samsung was a latecomer, it climbed to the world’s fourth-largest player last year.

“We have no time to think and should quickly put current undertakings back on track,” Lee told reporters upon returning from a two-week overseas trip. “We should make greater efforts to launch high-quality products globally and make them top-selling brands.”

Lee, Korea’s wealthiest man, returned to take the helm at Samsung Electronics on March 24, 2010, ending a two-year managerial hiatus. Upon his return to Samsung, he said the tech giant is in “crisis” and its flagship products will disappear in 10 years.

Since his return, Samsung has become more aggressive in acquisition and searching for new business areas.

Last month, Samsung said it will establish a biomedical joint venture with U.S. drugmaker, capitalized at 300 billion won ($265.5 million). Samsung Group plans to shell out 23 trillion won over the next 10 years in new business areas that will be the group’s future growth engines.

Lee added that he will travel overseas in April, May and July. 

(Yonhap News)