South Korean President Lee Jae-myung on May 28 (local time) emphasized the need for concrete cooperation outcomes in next-generation aircraft, critical minerals supply chains, and K-beauty at a Korea-Brazil Business Roundtable held at a hotel in São Paulo, Brazil. Lee stated that combining Korea's advanced manufacturing capabilities with Brazil's abundant resources is essential to create synergies amid heightened global uncertainty. The call came after bilateral relations were elevated to a strategic partnership in January, with Lee urging businesses to translate summit-level agreements into tangible investment and joint projects.
Lee Highlights Global Economic Shifts Driven by AI and Supply Chain Restructuring
Lee diagnosed that the global industrial and economic order is rapidly changing due to intensifying technological competition represented by the artificial intelligence revolution and supply chain restructuring. He noted that "as global uncertainty rises, meeting partners who can leverage each other's strengths to create synergy is more important than ever."
Lee evaluated Brazil as "a treasure trove of critical minerals essential for advanced industries, including lithium, nickel, and iron ore," adding that the country leads the bioethanol market and possesses abundant clean energy sources such as hydropower, wind, and solar. He also highlighted Brazil's world-class production capacity for small and medium-sized commercial aircraft.
Lee stated that "South Korea is an advanced manufacturing powerhouse with capabilities in diverse fields including artificial intelligence, semiconductors, biotechnology, automobiles, and steel," predicting that "if Korea's unparalleled innovation technology and manufacturing capabilities combine forces with Brazil's abundant resources, the two countries can leap forward as optimal partners leading stable supply chains and future industries together."
Three Priority Sectors for Korea-Brazil Cooperation Announced
Lee pointed out that the current level of economic cooperation between the two countries falls short of their potential. He stated, "Brazil is already South Korea's largest trading partner in South America, and Korean companies' entry into Brazil is gradually increasing," but added, "considering the economic scale of both countries, the potential for economic cooperation is very large, yet the current trade volume is very small compared to that potential."
Lee identified three areas for concrete cooperation: next-generation aircraft, critical minerals, and K-beauty. He said, "I expect we can achieve great results in three areas going forward: joint development of next-generation aircraft, supply chain cooperation in critical minerals, and K-beauty, which is enjoying phenomenal popularity."
Lee emphasized, "If business leaders from both countries join forces, Korea and Brazil can grow together as aircraft manufacturing powerhouses leading the global aviation market, important partners in supply chain cooperation, and furthermore, leaders in the global beauty market."
Lee also called for discovering collaborative projects, stating, "Now we must discover many projects where both countries can collaborate," adding, "I believe that through today's meeting, you will discover additional areas of cooperation for future co-prosperity and bear concrete fruit."
Lee mentioned his summit meeting with Brazilian President Luiz Inácio Lula da Silva the previous day, saying, "I had many discussions with President Lula yesterday," and "the two countries must now find a new path to realize each other's potential through cooperation." He added, "I hope you will concretely create on-site relationships where we can grow more through trust and cooperation different from before," and "I expect today's meeting to be the starting point for that."
Korean Business Leaders Attend São Paulo Roundtable
Approximately 40 government officials and business leaders from both countries attended the event. Korean business participants included Hyundai Motor Group Chairman Chung Euisun, Samsung Electronics President Park Seung-hee, LG Electronics CEO Ryu Jae-cheol, POSCO Group Chairman Jang In-hwa, Hanwha Ocean President Jung In-seop, SK Biopharm CEO Lee Dong-hoon, Hanjin Group Chairman Cho Won-tae, Naver CEO Choi Soo-yeon, Korea Aerospace Industries (KAI) CEO Kim Jong-chul, HD Hyundai Construction Equipment President Moon Jae-young, Amorepacific CEO Lee Sang-mok, and Coupang Global CEO Chun Joo-hyuk.
FAQ
What did President Lee Jae-myung emphasize at the Korea-Brazil Business Roundtable on May 28?
President Lee Jae-myung emphasized the need for concrete cooperation outcomes in three areas: next-generation aircraft joint development, critical minerals supply chain cooperation, and K-beauty market expansion. He stated that combining Korea's advanced manufacturing capabilities with Brazil's abundant resources is essential amid global uncertainty.
Which Korean business leaders attended the São Paulo roundtable?
Approximately 40 Korean business leaders attended, including Hyundai Motor Group Chairman Chung Euisun, Samsung Electronics President Park Seung-hee, LG Electronics CEO Ryu Jae-cheol, POSCO Group Chairman Jang In-hwa, Hanwha Ocean President Jung In-seop, Naver CEO Choi Soo-yeon, and Korea Aerospace Industries CEO Kim Jong-chul, among others.
