Korea and Brazil reached an agreement to enhance collaboration in three significant areas, namely culture, agriculture, and advanced manufacturing. This decision was made during a business forum held in conjunction with the state visit of Brazilian President Luiz Inacio Lula da Silva to Korea.
The conference was jointly organized by the Federation of Korean Industries (FKI) and the Brazilian Trade and Investment Promotion Agency. Approximately 400 government officials and corporate executives from both nations attended the forum in Seoul, with the presence of Korea's Industry Minister Kim Jung-kwan.
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Around 300 business representatives accompanied Lula on his official visit, which was almost twice the number of delegates from his previous visit to the state 21 years ago.
During the discussion entitled "Health, Lifestyle, and Creative Industries," participants from both sides delved into opportunities for enhancing cooperation in cultural content, leveraging the increasing appeal of Korean content in South America.
They also analyzed potential harmonies between the rich ingredients for cosmetics in Brazil and the beauty industry in Korea.
Presenters at the agrifood industry session demonstrated collaborative frameworks that leverage the unique capabilities of each nation, exemplified by Brazil providing agricultural and livestock products to Korean companies for processing, distribution, and branding purposes.
The session on "Advanced Manufacturing, Strategic Minerals, and AI" concentrated on practical approaches for leveraging the natural resources of Brazil in conjunction with the manufacturing acumen of Korea, to advance industrial collaboration to more advanced technological sectors.
“Brazil comes with strategic importance, as it is a resource powerhouse with strong competitiveness in food, energy and aviation,” FKI Chairman Ryu Jin said. “Both countries should move beyond trade-centered cooperation and expand their ties into investment and industrial partnerships”.
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A delegation of esteemed business executives from South Korea graced the event to enhance their strategic partnership with Brazil. Notable figures in attendance were Executive Chairman Lee Jae-yong of Samsung Electronics, Executive Chair Chung Euisun of Hyundai Motor Group, Chairman Koo Kwang-mo of LG Group, and Chairman Chung Ki-sun of HD Hyundai.
Each of the four conglomerates runs manufacturing plants in Brazil. The minister of industry emphasized the significance of Brazil as Korea's primary economic ally in South America.
During his keynote speech, the president of Brazil emphasized the importance of enhancing collaboration between the business sectors of both nations and articulated his optimism for strengthening economic relations.
“Korea and Brazil can generate vast synergies by collaborating in strategic industries, such as aviation, automobiles, shipbuilding, batteries and critical minerals,” Kim said. “We should diversify our trading partners amid escalating trade uncertainties across the globe".
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FKI and the trade agency of Brazil have established six memorandums of understanding and have committed to continuing their collaborative efforts in the industrial sector.