President Lee Arrives in São Paulo, Brazil's Economic and Financial Hub... Attends Luncheon with Korean Residents and BRT Event

Euisun Chung, Jang In-hwa, and Cho Won-tae to Join the Korea-Brazil BRT Event

President Jae-myung Lee, who is on a state visit to Brazil, arrived in São Paulo, the country's economic and financial center, on the 27th (local time) after concluding a summit in the capital city, Brasilia.

President Jae-myung Lee and his spouse, along with Brazilian President Luiz Inácio Lula da Silva and his spouse, are moving after the farewell ceremony at the Presidential Palace in Brasilia on the 27th (local time). 2026.7.28 Yonhap News Agency

On the 28th, President Lee will attend a luncheon meeting with local Koreans, followed by the Korea-Brazil Business Round Table (BRT) event. Participants will include Ryu Jin, Chairman of the Federation of Korean Industries; Euisun Chung, Executive Chair of Hyundai Motor Group; Chang In-hwa, Chairman of POSCO; Cho Won-tae, Chairman of Korean Air; Park Seunghee, President of Samsung Electronics; Ryu Jaecheol, CEO of LG Electronics; Lee Dong-hoon, CEO of SK Biopharm; Jeong In-seop, President of Hanwha Ocean; Moon Jaeyoung, CEO of HD Construction Equipment; and Choi Sooyoun, CEO of NAVER, among others.

Earlier, President Lee's state visit to Brazil served as an opportunity to accelerate negotiations for the Korea-MERCOSUR Trade Agreement (TA), which will begin in earnest this December. The two heads of state agreed to establish a Korea-Brazil bilateral working group to analyze trade opportunities and sensitivities, aiming to announce the resumption of negotiations at the 69th MERCOSUR Summit in December 2026.

MERCOSUR is a South American customs union consisting of Argentina, Brazil, Paraguay, and Uruguay. It is the largest economic market in South America and is also a region rich in key minerals. Korea began negotiations for a trade agreement with MERCOSUR in 2018, but the talks stalled after the seventh round in 2021.

During his summit with President Lula, President Lee emphasized that "Brazil is the number one investment destination for our companies, a gateway to Central and South America, and a key economic cooperation partner," and requested special consideration for Korean enterprises. In response, Brazilian President Luiz Inácio Lula da Silva pledged to actively support expanded investment and the stable business activities of Korean companies.

The two leaders also agreed to enhance cultural and people-to-people exchanges. President Lula noted the rising interest in K-pop, K-food, and K-beauty within Brazil, while President Lee requested improvements to customs clearance and approval procedures to ensure that Korean consumer goods such as food, cosmetics, and health products can enter the Brazilian market more seamlessly. At the São Paulo BRT, President Lee is also expected to call on companies from both countries to strengthen mutual cooperation and increase investment.

This content was produced with the assistance of AI translation services.