President Lee Jae Myung stated that Korea and Brazil possess considerable opportunities to enhance economic collaboration, highlighting aircraft, essential minerals, and cosmetics as sectors where the nations could work together more effectively.
The president of Korea expressed these opinions during a business roundtable in Sao Paulo, where leaders from significant companies of both nations gathered to discuss collaborative business prospects.
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"Considering the sizes of the two countries' economies, the potential for bilateral economic cooperation is very significant," Lee said in his welcoming speech at the event.
The president observed that although there is substantial potential, the volume of bilateral trade is still quite "limited."
He mentioned the collaborative advancement of next-generation commercial airplanes, essential mineral supply chains, and Korean cosmetics as sectors where both nations could attain "significant results" through partnership.
"The deepening technological hegemony, represented by the artificial intelligence (AI) revolution and shifting supply chains, is rapidly transforming global industries and the economic order," the president says.
Against such a backdrop, "finding a partner with which a country can create synergy by leveraging each other's strengths is more important than ever," he also said, calling Brazil an "optimal partner."
"If South Korea's unrivaled innovative technology and manufacturing prowess combine with Brazil's abundant resources, our countries could advance as optimal partners leading stable supply chains and future industries," he adds.
The event saw participation from Korean business executives and officials, such as the leaders of Hyundai Motor Group and Korean Air Co., alongside Industry Minister Kim Jung-kwan, Brazilian Vice President Geraldo Alckmin, and Brazilian business executives.
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Lee is on a state visit to Brazil during his three-nation tour of South America, which will also include Chile and Argentina later this week.
During a later press briefing, Kim Yong-beom, the Korean presidential chief of staff for policy, announced that after their summit, Lee and Brazilian President Luiz Inacio Lula da Silva appointed him and the Brazilian vice president as the primary officials tasked with managing the execution of bilateral economic cooperation.
"With the designation, Vice President Alckmin and I will focus on delivering results by closely overseeing the cooperation agenda discussed at the latest talks," Kim says.
At the end of the business event, Lee highlighted the necessity of speeding up discussions for a trade agreement between Korea and the South American trade bloc Mercosur.
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Although the intricate interests at play in allowing Brazilian goods into the Korean market and Korean products into Brazil exist, Kim cited Lee stating that "(Negotiations) should be managed to ensure advantages for both parties."
At the event, seven memoranda of understanding were signed between companies from Korea and Brazil, including one in which Korea Aerospace Industries (KAI), Ltd. will enhance its strategic collaboration with Embraer S.A., a major Brazilian aerospace firm, Kim notes.