President Lee says Korea, Brazil to jointly develop next-generation passenger aircraft, expects gains in critical minerals

[Financial News, São Paulo, Brazil = Reporter Choi Jong-geun]President Lee Jae Myung, who is on a state visit to Brazil, stressed the importance of expanding economic exchanges between Korea and Brazil on the 28th local time. He said he expects major results in three areas: joint development of next-generation passenger aircraft, supply chain cooperation in critical minerals, and K-beauty, which is enjoying explosive popularity.
At the Korea-Brazil Business Roundtable held that day at a hotel in São Paulo, Lee said it was highly meaningful to discuss future cooperation between the two countries in São Paulo, which he described as the heart of South America's economy. He made the remarks while speaking at the event.
Lee said that if Korea's unmatched innovative technology and manufacturing capabilities are combined with Brazil's abundant resources, the two countries could emerge as ideal partners leading stable supply chains and future industries. He added that, now that bilateral ties were upgraded to a "strategic partnership" in February, the two sides should identify many projects for cooperation.
He also noted that Brazil is already Korea's largest trading partner in South America and that Korean companies are steadily expanding into the Brazilian market. Given the size of both economies, he said, the potential for economic cooperation is enormous. However, he added, the current trade volume between the two countries is still very small compared with that potential.
Lee said that if business leaders from both countries join forces, Korea and Brazil could grow together as aircraft manufacturing powerhouses that lead the global aviation market, important partners in supply chain cooperation, and eventually leaders in the global beauty market. He said he believes the meeting will help identify additional areas of cooperation for future shared prosperity and turn them into concrete results.
He added that he had spoken at length with President Luiz Inácio Lula da Silva the previous day. The two countries, he said, must now find a new path to realize each other's potential through cooperation. He expressed hope that participants would build practical partnerships on the ground based on trust and collaboration, and said he expects the event to serve as a starting point.
Meanwhile, the business roundtable was attended by Hyundai Motor Group Chairman Chung Eui-sun, Federation of Korean Industries Chairman Ryu Jin, POSCO Group Chairman Chang In-hwa, Korean Air Chairman Walter Cho, Samsung Electronics President Park Seung-hee, LG Electronics CEO Ryu Jae-cheol, SK Biopharmaceuticals CEO Lee Dong-hoon, Hanwha Ocean President Jung In-sub, HD Construction Equipment CEO Jae-young Moon, Naver CEO Soo Yeon Choi, and Korea Aerospace Industries President Kim Jong-chul. They discussed cooperation in manufacturing and infrastructure, advanced industries, and consumer goods and distribution.
[email protected] Choi Jong-geun Reporter