President Lee: "Relations Elevated to a Strategic Partnership"... Lula: "We Want Korean Investment in Critical Minerals"

[The Financial News] Lee Jae Myung, President of South Korea, held a summit on the 23rd at Cheong Wa Dae, the Blue House, with Brazilian President Luiz Inácio Lula da Silva, who is on a state visit to South Korea. President Lee and President Lula agreed to elevate bilateral relations to a "strategic partnership" and adopted the "Four-Year Action Plan for the Korea–Brazil Strategic Partnership." The two leaders also agreed to expand cooperation on critical minerals, with President Lula noting that he hopes to attract investment from Korean companies in this field.
After the summit, President Lee said in a joint press statement between Korea and Brazil, "Bilateral trade has steadily increased, exceeding 10 billion dollars annually over the past five years. Our cooperation is gradually expanding into future-oriented sectors such as space, bio and pharmaceuticals, and cultural industries," adding, "On the basis of this solid partnership, President Lula and I have decided to elevate our bilateral ties to a strategic partnership."
He went on to stress, "The Four-Year Action Plan for the Korea–Brazil Strategic Partnership adopted today will firmly serve as a roadmap guiding our relations across a wide range of areas, including politics, the economy, practical cooperation, and people-to-people exchanges."
President Lee stated that he and President Lula shared the view that mutually beneficial economic cooperation between the two countries should be further expanded. He explained, "I emphasized the need to swiftly resume negotiations on a trade agreement between Korea and the Southern Common Market (MERCOSUR), and President Lula also strongly agreed that concluding such a trade agreement is an urgent task."
He continued, "At this summit, our two countries agreed to establish implementation mechanisms for substantive cooperation in various sectors by signing 10 memorandums of understanding (MOUs) and agreements. The MOU on cooperation for small and medium-sized enterprises will serve as an important opportunity to extend our trade and investment, which have so far been led mainly by large corporations, to SMEs as well," adding, "Through the MOU on regulatory cooperation in the health sector, I believe that K-Cosmetics, which have recently gained popularity in Brazil, will be loved by even more Brazilian consumers."
In addition, the two countries signed three MOUs in the agricultural sector. President Lee said, "Through these MOUs, we will strengthen cooperation on next-generation agricultural technologies, and I believe our rural economies will develop in a mutually beneficial and sustainable way," adding, "We will also broaden the horizon of bilateral cooperation in future industries such as space, defense, and aviation."
He noted in particular that last December’s attempt to launch HANBIT-NANO, Korea’s first commercial launch vehicle, from Brazil’s Alcântara Launch Center has become an important asset in bilateral space cooperation. He also mentioned that supply chain cooperation is under way in the aviation sector, with Korean parts manufacturers participating in the production of Brazilian transport aircraft. Cooperation between the two countries is expected to expand to include joint development of next-generation commercial aircraft.

During the morning session of the summit, President Lula said, "I am truly delighted that we are now dealing with a strategic partnership," adding, "The 2026–2029 action plan will greatly contribute to our future cooperation. Trade between our two countries has reached 10 billion dollars, and through bilateral agreements we will reduce costs for Brazilian and Korean companies and create conditions for them to expand."
He went on, "We will strengthen the integration of production in strategic sectors such as critical minerals, semiconductors, green hydrogen, pharmaceuticals, and aerospace. We also need to have extensive discussions on green industries," adding, "We will talk a great deal about energy transition and decarbonization, and Korean companies such as Hyundai Motor Group are already delivering strong results in Brazil’s decarbonization efforts."
He added, "Brazil holds the world’s largest reserves of freshwater and rare earths," noting, "We have the second-largest reserves of rare earths and the third-largest reserves of nickel. We hope to attract investment from Korean companies in the field of critical minerals."
President Lee, for his part, expressed a special affection for President Lula, who shares a similar background as a former teenage factory worker. Inviting President Lula on a state visit and extending him exceptional hospitality is seen in the same context.
As a teenager, President Lee worked as a factory apprentice and lost his left arm in an accident involving a press machine, while President Lula, who worked as a lathe operator, lost the little finger on his left hand. Both men also share the experience of having faced political persecution on their way to the presidency.
Before the summit, President Lee wrote on X (formerly Twitter), "The path you have walked, both in life and in politics, so closely resembles my own journey," adding, "My eternal comrade, President Lula, welcome."

cjk@fnnews.com Choi Jong-geun Reporter