President Lee Jae-myung announced on July 28 that South Korea aims to achieve concrete cooperation with Brazil in three key areas: joint development of next-generation civil aircraft, supply chains for critical minerals, and K-Beauty.
Speaking at a Korea-Brazil business roundtable in a hotel in São Paulo, President Lee stated, "If South Korea's unique innovative technology and manufacturing capabilities combine with Brazil's abundant resources, the two countries can become optimal partners leading stable supply chains and future industries."
He emphasized the importance of finding partners that can create synergies, especially as global uncertainties rise due to intensified technological competition and supply chain restructuring. "As the global industrial and economic order is rapidly changing, it is more important than ever to meet partners who can leverage each other's strengths," he said.
President Lee described Brazil as a treasure trove of critical minerals essential for advanced industries and a leader in clean energy sources such as hydropower, wind, and solar energy, as well as the bioethanol market. He also noted Brazil's world-class capabilities in producing small and medium-sized civil aircraft.
While acknowledging that Brazil is South Korea's largest trading partner in South America and that the presence of South Korean companies in Brazil is gradually increasing, he pointed out that the current trade volume is still very low compared to the economic scale and cooperation potential of both countries.
He identified three areas for future achievements: joint development of next-generation civil aircraft, cooperation in critical mineral supply chains, and K-Beauty.
"If our businesses work together, South Korea and Brazil can grow as leading aircraft manufacturing countries in the global aviation market, important partners in supply chain cooperation, and leaders in the global beauty market," he asserted.
President Lee expressed hope that business leaders would discover additional areas for cooperation that could lead to mutual prosperity and urged them to solidify a relationship based on trust and collaboration that differs from the past.
He also referenced his recent summit with Brazilian President Luiz Inácio Lula da Silva, stating, "I had many discussions with President Lula, and our two countries must find a new path to realize each other's potential through cooperation."
Before the event, President Lee and Vice President Geraldo Alckmin toured exhibition booths set up by South Korean cosmetics companies in the roundtable venue. He inquired about the impact of tariffs on the international competitiveness of Korean beauty products and assessed the local market situation.
In his welcoming remarks, Vice President Alckmin noted that while trade between the two countries reached approximately $10 billion in 2025, it had previously peaked at around $15 billion in 2011, indicating significant room for expanding cooperation.
According to Brazilian sources, South Korea's cumulative investment in Brazil is about $11 billion, with approximately 120 South Korean companies currently operating in the country, 80% of which are in the manufacturing sector.
Vice President Alckmin highlighted key areas for cooperation between the two countries, including manufacturing and infrastructure, advanced industries, and consumer goods and distribution. He stressed the need to strengthen supply chains by combining South Korea's technological prowess with Brazil's natural resources, as well as to expand technology transfer and exchanges.
He particularly noted that 88% of Brazil's electricity generation comes from clean energy and mentioned potential cooperation in artificial intelligence and data centers. The introduction of South Korea's C-390 transport aircraft and collaboration at the Alcântara Space Center were cited as representative examples of aerospace cooperation.
Vice President Alckmin stated, "The relationship between Mercosur and South Korea will also become closer," revealing that the Brazilian government has begun internal discussions to resume trade agreement negotiations with South Korea and Mercosur.
In the consumer goods sector, he remarked that the influence of Korean culture and products, including K-Beauty, entertainment, and food, is growing in Brazilian society. The Brazilian National Health Surveillance Agency is also looking to expand cooperation with South Korea in related fields.
Ryu Jin, chairman of the Korea Economic Association, proposed forming a 'Korea-Brazil One Team' that encompasses investment, production, and supply chains.
He stated, "Brazil is a leading country in the global supply chain for key areas such as energy, minerals, and food security, and its manufacturing base is world-class. South Korea possesses advanced manufacturing and digital innovation competitiveness, making our two countries timely partners for creating the best synergy."
He added, "We must elevate our cooperation to the next level and move forward together into future advanced industries, with our companies becoming a single team to enter the global market together."
Meanwhile, the event was attended by 22 representatives from the South Korean government and businesses, along with 18 Brazilian officials and corporate executives. Notable attendees from South Korea included Ryu Jin, chairman of the Korea Economic Association; Chung Eui-sun, chairman of Hyundai Motor Group; Jang In-hwa, chairman of POSCO Group; Cho Won-tae, chairman of Hanjin Group; Park Seung-hee, president of Samsung Electronics; Ryu Jae-cheol, CEO of LG Electronics; and Choi Soo-yeon, CEO of Naver.
Before entering the venue, Chairman Chung responded to a reporter's question about the possibility of Hyundai achieving 200,000 vehicle sales in Brazil for three consecutive years, saying, "We have a long way to go." He added, "Chinese companies are also aggressively marketing here," referring to the intensifying competition from Chinese firms in the Brazilian automotive market.
Hyundai first entered the Brazilian market in 1992 and has been operating a local factory in Piracicaba, São Paulo, since 2012. In contrast, Chinese company BYD has had a factory capable of producing 150,000 electric vehicles annually since last year.
* This article has been translated by AI.
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