SEOUL, February 24 (AJP) - Anchoring his first state visit to South Korea in two decades, Brazilian President Luiz Inacio Lula da Silva met with the leaders of the country's largest conglomerates on Monday to secure supply chain partnerships in advanced industries like artificial intelligence and clean energy.
The private gathering in Seoul followed a summit earlier in the day between Lula and South Korean President Lee Jae Myung at the presidential Blue House. During the morning summit, the two leaders agreed to elevate bilateral ties to a strategic partnership, signing 10 memorandums of understanding (MoUs) and adopting a four-year action plan. The diplomatic agreements are designed to move the countries beyond simple import-export transactions toward "productive integration," focusing on joint value creation and linked supply chains.
To put that broader diplomatic strategy into practice, Lula sat down with Samsung Electronics Chairman Jay Y. Lee, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo and HD Hyundai Chairman Chung Ki-sun. The meeting was requested by the Brazilian Trade and Investment Promotion Agency, or ApexBrasil, as the Latin American nation seeks to leverage its massive consumer market and mineral wealth to attract high-tech manufacturing.
All four South Korean conglomerates already operate major production bases in Brazil. Hyundai Motor Group is investing $1.1 billion to expand the capacity of its Sao Paulo plant by 2032. Samsung Electronics produces smartphones and home appliances in Sao Paulo and Manaus, while LG Electronics is building new facilities in Parana to complement its existing Manaus plant. HD Hyundai Construction Equipment runs a manufacturing facility in Rio de Janeiro.
Following the closed-door talks, Lula delivered a keynote address to some 400 government and corporate officials at a bilateral business forum. The Brazilian leader arrived for his trip with a 300-member economic delegation, which is double the size of the group from his previous state visit in 2005. The delegation included top executives from aerospace manufacturer Embraer and state energy firm Petrobras.
"South Korea, with its strong competitiveness in advanced technology and manufacturing, and Brazil, the largest economy in South America and home to 23 percent of the world's rare earth reserves, can have a complementary relationship," ApexBrasil President Jorge Viana said at the forum. "We can also contribute to building global value chains."
Federation of Korean Industries Chairman Ryu Jin echoed the call for deeper integration.
"Brazil is a resource powerhouse with competitiveness in food, energy and aviation, and a country of great strategic importance in the global supply chain," Ryu said. "The two countries must move beyond trade-centric cooperation and advance toward an era of co-prosperity centered on investment and industrial collaboration."
Brazil represents Latin America's largest market, with a population exceeding 200 million. South Korean companies exported $5.3 billion in goods to Brazil last year, primarily electronics, automotive parts and pharmaceuticals. In return, South Korea imported $5.47 billion in Brazilian oil, iron ore, meat and coffee beans.
Following the business forum, the corporate leaders joined a state dinner hosted by Lee at the Cheong Wa Dae guest house. The banquet drew a wide range of attendees, including government officials, conglomerate heads and prominent cultural figures such as Theborn Korea Chief Executive Officer Paik Jong-won.
During the event, the two heads of state highlighted their shared working-class roots. Both leaders experienced poverty and sustained injuries as young factory workers before entering politics. Lee referred to his counterpart as an "amigo," while Lula noted their similar life trajectories made them feel like brothers. The two presidents also exchanged toasts using the Korean word "geonbae" and the Portuguese word "saude."
The dinner featured cultural exchanges, with South Korean First Lady Kim Hye-kyung and Brazilian First Lady Rosangela da Silva wearing matching traditional hanbok garments. The dresses were crafted from fabric that the two first ladies purchased together at Seoul's Gwangjang Market earlier in the week.
Lula is scheduled to conclude his three-day state visit to South Korea on Feb. 24.
Copyright ⓒ Aju Press All rights reserved.