Speaking at a South Korea-Brazil business roundtable in Sao Paulo during his state visit, Lee said the two countries possess complementary strengths at a time when artificial intelligence, technological rivalry and supply-chain realignment are reshaping the global economy.
"Considering the size of our economies, the potential for bilateral economic cooperation is very significant," Lee said. "Yet the current volume of trade remains very small compared with that potential."
Lee identified three sectors where the two countries could achieve "big outcomes" together: the joint development of next-generation civil aircraft, resilient critical mineral supply chains and the fast-growing beauty industry.
The business roundtable followed Monday's summit with Brazilian President Luiz Inacio Lula da Silva, where the two leaders agreed to strengthen cooperation in strategic industries. A key outcome was a Joint Statement on Critical Strategic Minerals, adopted as an annex to the leaders' joint declaration and incorporated into Paragraph 12 of the joint statement.
The agreement commits the two countries to building resilient and diversified supply chains for critical minerals, including rare earth elements, while promoting local processing, value-added manufacturing and broader industrial cooperation instead of simply expanding raw-material trade.
It also recognizes that critical and strategic minerals are indispensable for the global energy transition, digital technologies and sustainable economic development, while affirming each country's sovereignty and policy autonomy over mineral development.
The declaration calls for closer cooperation across the entire value chain—from upstream mining and mineral extraction to midstream refining and downstream manufacturing—and encourages the two governments to identify concrete investment opportunities, promote technology exchanges and establish institutional mechanisms to support long-term collaboration.
The agreement reflects a broader shift in global supply chains as countries seek to diversify away from concentrated sources of critical minerals essential for batteries, semiconductors, electric vehicles and other advanced industries.
Lee described Brazil as a natural strategic partner, citing its abundant reserves of nickel, iron ore and other critical minerals, as well as its leadership in hydropower, wind and solar energy and bioethanol production.
"South Korea possesses world-class capabilities in artificial intelligence, semiconductors, biotechnology, automobiles and steel," Lee said. "If Korea's unrivaled innovation and manufacturing capabilities combine with Brazil's abundant resources, our two countries can become optimal partners leading stable supply chains and future industries."
Beyond minerals, Lee proposed expanding cooperation in aerospace, noting Brazil's global competitiveness in regional passenger aircraft manufacturing.
"If our companies join forces, South Korea and Brazil can grow together into leading aircraft manufacturing nations capable of shaping the global aviation market," he said.
Lee also highlighted K-beauty as another promising area of collaboration, saying the industry's growing popularity offers significant opportunities for bilateral investment and market expansion.
The president argued that rapidly intensifying competition for technological leadership, driven by the AI revolution and the restructuring of global supply chains, has made strategic partnerships more important than ever.
"The global industrial and economic order is changing rapidly," Lee said. "As uncertainty grows, finding partners that can create synergies by leveraging each other's strengths has become more important than ever."
He added that his discussions with Lula underscored the need to translate the two countries' economic potential into concrete projects and expressed hope that the business forum would generate new investment and commercial partnerships.
The roundtable brought together senior executives from major South Korean companies, including Hyundai Motor Group Executive Chair Euisun Chung and Korean Air Chairman Walter Cho, as well as Industry Minister Kim Jung-kwan. Brazilian Vice President Geraldo Alckmin, who also serves as minister of development, industry, trade and services, attended alongside leading Brazilian business representatives.
Brazil is South Korea's largest trading partner in South America, but Seoul has increasingly sought to broaden the relationship beyond traditional trade by pursuing cooperation in advanced manufacturing, clean energy, aviation and strategic mineral supply chains.
Lee is visiting Brazil on the first leg of a three-country South American tour that will also take him to Chile and Argentina as Seoul seeks to deepen economic and strategic engagement with resource-rich Latin American economies.
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