President Lula Leads Record Economic Delegation... Korea and Brazil Join Hands in Three Key Industries

Over 300 Political and Business Leaders in Attendance
"Korea-Brazil Business Forum" Held
Cooperation in Advanced Manufacturing, Critical Minerals, and Consumer Goods

The business communities of Korea and Brazil have agreed to expand economic cooperation in major sectors such as advanced manufacturing, strategic minerals, artificial intelligence (AI), agri-food, and health and lifestyle industries.

The Korea Business Association (hereinafter KBA) and the Brazilian Trade and Investment Promotion Agency (ApexBrasil) announced this after jointly holding the "Korea-Brazil Business Forum" at the Lotte Hotel in Sogong-dong, Seoul, on the 23rd. The event was attended by more than 400 participants, including Brazilian President Luiz Inacio Lula da Silva and Minister of Trade, Industry and Energy Kim Jeongkwan, as well as government officials and business leaders from both countries.

The Korean Business Association held the Korea-Brazil Business Forum jointly with the Brazilian Trade and Investment Promotion Agency (ApexBrasil) at the Lotte Hotel in Jung-gu, Seoul on the 23rd. Kim Jinyoung

Approximately 300 members of an economic delegation accompanied President Lula on his state visit to Korea, about twice the size of the delegation that visited on a state level 21 years ago. The delegation included key figures from major Brazilian companies, such as Jorge Viana, Chairman of the Brazilian Trade and Investment Promotion Agency, Francisco Gomes Neto, Chairman of Embraer, one of the world's three largest aircraft manufacturers, and Magda Chambriard, Chief Executive Officer (CEO) of Petrobras, the largest energy company in Latin America.

With the foundation for bilateral cooperation further strengthened through this summit, the forum discussed concrete measures to expand cooperation with Brazil, a resource-rich nation and Korea's largest cooperation partner in South America, focusing on three main areas.

In the "Health, Lifestyle, and Creative Industries" session, participants discussed ways to cooperate in cultural content centered on "K-content," which is spreading across South America, and explored the potential for collaboration between Brazil's abundant cosmetic ingredients and the "K-beauty" industry.

In the "Agri-food Industry" session, cooperation models were presented between Brazil, a stable supplier of agricultural and livestock products, and Korean companies that possess processing, distribution, and branding capabilities.

Finally, in the "Advanced Manufacturing, Strategic Minerals, and AI" session, participants discussed ways to combine the industrial capabilities of resource-rich Brazil and manufacturing powerhouse Korea to expand existing manufacturing cooperation into advanced industrial cooperation.

At the forum's closing ceremony, KBA Chairman Ryu Jin stated, "Brazil is a resource powerhouse with competitiveness in the food, energy, and aviation sectors, and a country of great strategic importance in the global supply chain," emphasizing that "the two countries must move beyond trade-centered cooperation and enter an era of joint prosperity centered on investment and industrial cooperation."

Chairman Jorge Viana shared the outcomes of the forum discussions with President Lula and government officials from both countries, saying, "This forum will serve as a starting point for delivering tangible results in economic cooperation between the two countries."

Minister of Trade, Industry and Energy Kim Jeongkwan, who attended on behalf of the Korean government, said in his congratulatory remarks, "Brazil is Korea's largest economic cooperation partner in South America," adding, "There is very great potential for cooperation in strategic industrial sectors such as aviation, automobiles, shipbuilding, batteries, and critical minerals." He continued, "In a situation where uncertainty in the trade environment is increasing, market diversification is crucial," and stated, "The resumption of negotiations on the Korea-MERCOSUR Trade Agreement (TA) will contribute to expanding trade and investment between the two countries and to creating a stable trade environment."

In his keynote speech, President Lula called for cooperation among business leaders of both countries and expressed his expectations for expanded economic cooperation.

On the same day, the Korea Business Association and the Brazilian Trade and Investment Promotion Agency signed a total of six memorandums of understanding (MOUs), including an MOU on cooperation, and both sides agreed to continue expanding industrial and investment cooperation in the future.