Samsung, Sony execs hold talks

It may surprise investors to learn that global rivals Samsung Electronics Co. of Korea and Sony Corp. of Japan are on intimate terms. A group of Sony executives, including Kunitake Ando, president and chief operating officer, met their Samsung Electronics counterparts on Jeju Island last weekend. Yun Jong-yong, the chief executive of Samsung Electronics, and Lee Yoon-woo, the president and chief executive of Samsung Electronics Device Solution Network, were among those who golfed and dined with Sony executives. At the gathering, the two sides discussed the future of the information technology sector, as well as ventures that might bring mutual cooperation. The meeting was part of an exchange program which began in 2001 when both sides sought to jointly develop businesses based on industry standard Bluetooth wireless technology. Samsung executives reportedly found they had much to learn from Sony’s technical know-how and global marketing skills. They added there were many areas in which the two could cooperate, although they are both competing for the same global market. by Pyo Jae-yong