President Lee: "Civil Aircraft, Critical Minerals, and K-Beauty as Three Pillars of Korea-Brazil Cooperation"

Roundtable Held in Sao Paulo, Bringing Together Korean and Brazilian Business Leaders
President Lee: "Combining Korean Technology and Manufacturing with Brazil’s Resources... The Ideal Partnership"
Vice President Alckmin: "Trade Reaches $10 Bill

During his state visit to Brazil, President Lee Jae-myung identified joint development of next-generation commercial aircraft, critical mineral supply chains, and K-beauty as the three key areas for Korea-Brazil economic cooperation on the 28th (local time). His vision is to combine Korea's advanced technology and manufacturing capabilities with Brazil's abundant resources and energy, translating the two countries’ strategic partnership into concrete businesses and investments.

President Lee Jae-myung is speaking at the Korea-Brazil Business Roundtable held at a hotel in São Paulo, Brazil, on the 28th (local time). From the right: Euisun Chung, Executive Chair of Hyundai Motor Group; Ryu Jin, Chairman of the Korea Economic Association; Kim Junggwan, Minister of Trade, Industry and Energy; President Lee Jae-myung; Geraldo Alckmin, Vice President of Brazil; Marcio Elias Rosa, Minister of Development, Industry, Foreign Trade and Services of Brazil; Laudemir Müller, Chairman of the Brazilian Trade and Investment Promotion Agency (ApexBrasil). July 29, 2026, Yonhap News.

At the Korea-Brazil Business Roundtable (BRT) held at a hotel in downtown São Paulo on this day, President Lee stated, "If Korea’s unparalleled innovative technology and manufacturing prowess are combined with Brazil’s abundant resources, the two countries could become optimal partners leading stable supply chains and future industries together."

The event was attended by Korean business and government leaders including Cho Won-tae, Chairman of Korean Air, Euisun Chung, Executive Chair of Hyundai Motor Group, Jang Inhwa, Chairman of POSCO Group, Ryu Jaecheol, President and CEO of LG Electronics, Choi Sooyoun, CEO of Naver, and Park Seunghee, President of Samsung Electronics. From Brazil, participants included Vice President Geraldo Alckmin, Francisco Gomes Neto, CEO of Embraer, and Rogerio Nogueira, Vice President of Vale, as well as other government and business officials.

President Lee diagnosed that the global industrial and economic order is undergoing rapid change due to the technological hegemony race brought about by the artificial intelligence (AI) revolution and the restructuring of global supply chains. He emphasized, “As global uncertainty increases, it is more important than ever to find partners whose respective strengths can be leveraged to generate synergy.”

He highlighted Brazil’s competitiveness in critical minerals such as lithium, nickel, and iron ore; clean energy sources including hydropower, wind, and solar; and its bioethanol industry. He also highly evaluated Brazil’s world-class small- and medium-sized commercial aircraft production capacity. Regarding Korea, he introduced the country as “an advanced manufacturing powerhouse with capabilities across a wide range of fields, including artificial intelligence, semiconductors, bio, as well as automobiles and steel.”

President Lee also pointed out that trade and investment have not been sufficiently activated relative to the scale and potential of the two economies. He said, "Brazil is South Korea’s largest trading partner in South America, and Korean companies’ entry into Brazil is gradually increasing," but added, "Currently, the scale of trade between the two countries is very small compared to the potential for economic cooperation." He continued, "Since bilateral relations were elevated to a strategic partnership in February, it is necessary to identify and develop many collaborative projects that both countries can work on together."

President Lee said joint development of next-generation commercial aircraft could enable the two countries to integrate their aviation industry capabilities. Korea was the first Asian country to introduce Embraer's C-390 military transport aircraft and now seeks to expand cooperation into the design, parts, and production fields of commercial aviation. In the area of critical minerals, he proposed connecting Brazil's resources with Korea’s processing and manufacturing technology to enhance supply chain stability. A joint statement released by the two countries’ leaders the prior day included provisions on building a stable and diversified supply chain for strategic minerals and strengthening local processing and refining cooperation.

K-beauty was also suggested as a new axis of collaboration. In the venue lobby, booths were set up to introduce the flagship products of Korean beauty companies such as Amorepacific, d'Alba, Medicube, and Gudai Global. President Lee, together with Vice President Alckmin, toured the booths and inquired with company representatives about issues such as the impact of tariffs on the international competitiveness of Korean cosmetics.

President Lee stated, "If the business leaders of both countries join forces, Korea and Brazil can grow together—as a stronghold in the global aircraft manufacturing sector, as important partners in supply chain cooperation, and as leaders in the global beauty market." He also referred to his conversation from the prior day's summit with President Luiz Inácio Lula da Silva, emphasizing, "The two countries must find new paths to realize their respective potentials through cooperation." He added, "I hope that, guided by new levels of trust and cooperation different from what we have seen so far, both sides can form concrete partnerships on site that will allow for even greater joint growth."

President Lee Jae-myung is heading to the venue after taking a commemorative photo with attendees including Geraldo Alckmin, Vice President of Brazil, Ryu Jin, Chairman of the Korean Economic Association, and Euisun Chung, Executive Chair of Hyundai Motor Group, at the Korea-Brazil Business Roundtable held at a hotel in Sao Paulo, Brazil on the 28th (local time). 2026.7.29 Yonhap News Photo by Yonhap News

Vice President Alckmin also responded that the scope of economic cooperation between the two countries should be expanded. He mentioned that while last year’s bilateral trade volume reached about USD 10 billion, it was as high as about USD 15 billion in 2011, and noted, "The potential for future cooperation is even greater."

Vice President Alckmin emphasized that “it is not enough to simply increase the trade volume”; instead, he stressed the importance of creating more added value, strengthening the production chain, and investing together. He explained that Korea’s cumulative investment in Brazil stands at about USD 11 billion, and approximately 80% of the roughly 120 Korean companies operating in Brazil are in the manufacturing sector. Referring to the seven Memorandums of Understanding (MOUs) signed in fields such as education, energy, industrial technology, aerospace, and cybersecurity the previous day, he evaluated, "If we compare this to aerospace, we are now ready to take off together."

Vice President Alckmin suggested manufacturing and infrastructure, advanced industries, and consumer goods and distribution as key fields for cooperation. He stated that joint projects could be expanded in areas such as shipbuilding and offshore plants, semiconductors, AI data centers, aerospace, and beauty and food. He further highlighted that "88% of Brazil’s electricity is generated from clean energy," and underlined Brazil's high competitiveness in attracting investment for AI data centers. He also revealed that internal discussions have begun within Brazil to strengthen ties between Mercosur (the Southern Common Market) and Korea.

Additionally, Ryu Jin, Chairman of the Korea Economic Association, stated, "In this era where energy, minerals, and food have become core elements of economic security, Brazil is a key country in the global supply chain, and Korea possesses advanced manufacturing and digital innovation capabilities," adding, "The partnership between the two is inevitable." Chairman Ryu expressed his hope that "the companies of both countries will form one team for investment, production, and supply chain, advancing together into the global market," and said, "I hope today marks the launch of the ‘Korea-Brazil One-Team.’"

Meanwhile, Euisun Chung, Executive Chair of Hyundai Motor Group who attended the BRT, responded to reporters’ questions regarding Hyundai’s sales growth in the Brazilian market by saying, "There is still a long way to go" and "China is also going strong these days." He revealed that major brands such as China’s BYD are being closely monitored. Hyundai entered the Brazilian market in 1992, and since establishing a local plant in Piracicaba, São Paulo State in 2012, it has achieved annual sales of around 200,000 units, steadily increasing its market share.

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