By Kang Hyun-kyung
Staff Reporter
Korea and Brazil signed a memorandum of understanding (MOU), Thursday, to expand strategic cooperation in bio energy and other key industries.
The MOU was signed by Korean Knowledge Economy Minister Lee Youn-ho and Brazilian Vice Minister of Development, Industry and Foreign Trade Ivan Ramalho on the sidelines of President Lee Myung-bak's visit to the South American country.
The MOU calls for expanding bilateral investments and trade and technology exchanges through an industry cooperation committee, according to Yonhap News.
After wrapping up his trip to Brazil, President Lee was scheduled to arrive in Lima, Peru, early today (KST) for a state visit before the Asia-Pacific Economic Cooperation (APEC) forum.
During his stay in Brasilia, President Lee met with leaders of the Brazilian Congress to discuss ways of deepening cooperation between the two countries, reports said.
When Lee visited the Federal Senate, he received an unexpected call for a speech from Senate President Garibaldi Alves Filho, which he accepted.
Lee's speech at the Congress was reportedly the first of its kind delivered by a foreign head of state after the South American country relocated its capital city in 1961.
Following Lee's speech, several Senators expressed deep interest in the competition-oriented, merit-based Korean education system, saying they would like to see a similar system in their country.
At a meeting with Arlindo Chinaglia, president of the Chamber of Deputies, later in the day, President Lee pledged to work closely with the Brazilian government to come up with a strong supervisory body for the international financial system as co-leaders of a Group of 20 troika.
Chinaglia expressed hope that the two countries will further expand bilateral cooperation in the nuclear power and alternative energy sectors.
From the 1970s, Brazil launched ethanol as an alternative to gasoline to cope with the uncertainties of the global oil industry.
Experts say its sugarcane-based fuel efforts have achieved success thus far.