Korea, Brazil to deepen rare earths cooperation under new strategic partnership

President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva clasp hands during an expanded summit meeting at Cheong Wa Dae in central Seoul, Monday. Yonhap

Korea and Brazil agreed to strengthen cooperation in critical minerals, including rare earth elements, the leaders of both countries announced following their summit in Seoul on Monday.

President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva also decided to elevate the bilateral ties to a strategic partnership.

Speaking at a joint press conference following their summit, they said they adopted a four-year action plan.

“We will expand bilateral cooperation across a wide range of areas, including critical minerals, the environment, the space industry, culture and small and medium-sized enterprises,” Lee said, explaining that the four-year plan would serve as a blueprint for advancing these efforts.

Specifically, the two countries signed 10 memorandums of understanding to enhance cooperation in critical minerals, artificial intelligence, broader economic and industrial sectors, science, public health and public security.

President Lee Jae Myung speaks at an expanded summit meeting with Brazilian President Luiz Inacio Lula da Silva at Cheong Wa Dae in central Seoul, Monday. Yonhap

Lula underscored the importance of bilateral relations in these areas.

“Brazil possesses the world’s largest reserves of freshwater and rare earth elements. It ranks second in rare earth reserves and third in nickel reserves globally. We hope to attract investment from Korean companies in the critical minerals sector,” he noted during the summit, according to the Korean presidential office.

Lula went on to reiterate that Brazil would seek cooperation with Korean firms in other areas as well, including climate, semiconductors, the space industry and the defense sector.

“The two countries need to engage in extensive discussions on green industries, energy transition and decarbonization,” he said, expressing his hope that Korea would participate in Brazil’s Tropical Forest Forever Facility, which was launched last year.

Regarding advanced technology cooperation, Lula emphasized that his country needs significant support from Korea to spur technological developments, adding that he is particularly interested in the semiconductor industry.

The space sector is another key area of bilateral economic cooperation. Lula said, “We should expand our agreements with the Korea Aerospace Administration and work toward launching small-scale launch vehicles from the Alcantara Launch Center.”

Brazil is Korea’s largest South American trading partner and top investment destination, with annual bilateral trade reaching about $11 billion. Korea is Brazil’s fourth-largest trading partner in Asia.

The two leaders also shared an understanding on the need for a trade agreement between Korea and the Southern Common Market, South America’s largest economic bloc comprising Brazil, Argentina, Bolivia, Paraguay and Uruguay.

Brazilian President Luiz Inacio Lula da Silva, left, speaks during a joint press conference at Cheong Wa Dae in Seoul, Monday, as President Lee Jae Myung listens. Yonhap

The latest meeting marked the third in-person encounter between the two leaders since Lee took office last June. They previously met at the G7 summit in Canada in June and at the G20 summit in South Africa in November.

Lee has consistently expressed particular affection for his Brazilian counterpart, noting that they share strikingly similar childhood experiences as factory workers.

During the joint press conference, Lula referred to the similarities not just between them but also between the two countries.

“After a long period of struggle and resistance in the 1980s, we achieved democratization once again. Now, more than 40 years later, we are once again facing the challenge of a coup era, but our democracy has clearly demonstrated its strength and resilience,” Lula said.

“At a time when extremism, disinformation and authoritarian threats are spreading, close cooperation among leaders committed to defending democratic values is more important than ever,” he added, announcing that he invited Lee to a conference on the defense of democracy to be held in Barcelona in April.

President Lee Jae Myung greets Brazilian President Luiz Inacio Lula da Silva with an embrace in front of Cheong Wa Dae in Seoul, Monday. Courtesy of Cheong Wa Dae

Their warm rapport was also on display during Monday’s state banquet. President Lee referred to his Brazilian counterpart as a “friend,” noting in his toast that many people had congratulated them on what they called a “meeting of former child laborers.” He expressed hope that the sense of kinship and trust between the two leaders would translate into stronger bilateral ties and deeper exchanges between the peoples of both countries.

“Those years as a young factory worker were difficult for a boy to endure, but my roots as a laborer remain a lasting source of pride,” Lee said. “The anger at injustice and the sense of fulfillment on the way home after a long day’s work — I learned all of that more than 40 years ago at the factory where I earned my living.”

President Lula responded in kind, saying, “After learning about President Lee’s life, I feel as though we are brothers.”

“We grew up in very poor families, began working at an early age and still carry the scars of industrial accidents we suffered at the time,” Lula said, emphasizing their shared background. He added, “We entered politics with the conviction that a more just society is possible.”

Lula’s three-day state visit to Korea marks his first trip to the country in 21 years, since his initial visit in 2005 during his first term in office. Lula is also the first state guest since Lee relocated the presidential office from the previous Yongsan venue back to Cheong Wa Dae.