Korea, Brazil forge business ties in 3 strategic sectors

Brazilian President Luiz Inacio Lula da Silva, right, poses with Industry Minister Kim Jung-kwan during the Korea-Brazil business forum at Lotte Hotel in central Seoul, Monday. Yonhap

Korea and Brazil agreed on Monday to strengthen cooperation in three key strategic areas — culture, agriculture and advanced manufacturing — during a business forum on the occasion of Brazilian President Luiz Inacio Lula da Silva's state visit to Korea.

The event was co-hosted by the Federation of Korean Industries (FKI) and the Brazilian Trade and Investment Promotion Agency. Around 400 government officials and business leaders from both countries took part in the forum in Seoul, including Korea’s Industry Minister Kim Jung-kwan.

Approximately 300 business delegates accompanied Lula on his state visit, nearly double the size of the delegation that joined his previous state visit here 21 years ago.

In the session titled "Health, Lifestyle and Creative Industries," both sides explored ways to deepen collaboration in cultural content by riding the growing popularity of Korean content in South America. Participants also examined potential synergies between Brazil’s abundant ingredients for cosmetics and Korea’s beauty industry.

Speakers at the agrifood industry session presented cooperation models utilizing core strengths from both countries, such as having Brazil supply agricultural and livestock products to Korean firms for processing, distribution and branding.

Korean business leaders applaud while participating in the Korea-Brazil business forum at Lotte Hotel in central Seoul, Monday. Pictured, from left, are Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo and HD Hyundai Chairman Chung Ki-sun. Yonhap

The "Advanced Manufacturing, Strategic Minerals and AI" session focused on concrete ways to combine Brazil’s natural resources with Korea’s manufacturing expertise, upgrading existing industrial cooperation into high-tech 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.”

A group of Korea's business leaders also attended the event to deepen their strategic alliance with Brazil. They include Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo and HD Hyundai Chairman Chung Ki-sun.

All four conglomerates operate manufacturing facilities in Brazil.

The industry minister underscored Brazil’s role as Korea’s largest economic partner in South America.

“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.”

In his keynote address, the Brazilian president also called for closer cooperation between the two countries’ business communities and expressed his hope for deeper economic ties.

FKI and the Brazilian trade agency forged a total of six memorandums of understanding and agreed to keep partnering on joint industrial collaborations.