Foreign Affairs

Lee says aircraft, critical minerals offer major cooperation potential with Brazil

Published Jul 29, 2026 7:34 am KST

Updated Jul 29, 2026 7:38 am KST

SAO PAULO — President Lee Jae Myung said Tuesday that South Korea and Brazil have significant potential to expand economic cooperation, citing aircraft, critical minerals and cosmetics as sectors where the two countries could deepen collaboration.

Lee made the remarks at a business roundtable in Sao Paulo that brought together leaders of major companies from both countries to discuss joint business opportunities.

"Considering the sizes of the two countries' economies, the potential for bilateral economic cooperation is very significant," Lee said in his welcoming speech.

He noted that despite that potential, bilateral trade volume remains relatively "very small."

Lee pointed to the joint development of next-generation civil aircraft, critical mineral supply chains and Korean beauty products as areas where the two countries could achieve "big outcomes" through cooperation.

"The deepening technological hegemony, represented by the artificial intelligence (AI) revolution and shifting supply chains, is rapidly transforming global industries and the economic order," he said.

Against that backdrop, "finding a partner with which a country can create synergy by leveraging each other's strengths is more important than ever," he said, describing Brazil as an "optimal partner."

"If South Korea's unrivaled innovative technology and manufacturing prowess combine with Brazil's abundant resources, our countries could advance as optimal partners leading stable supply chains and future industries," he added.

The event was attended by Korean business leaders and officials, including the heads of Hyundai Motor Group and Korean Air Co., as well as Industry Minister Kim Jung-kwan. Brazilian Vice President Geraldo Alckmin and Brazilian business leaders also took part.

Lee is on a state visit to Brazil as part of a three-country South America tour that will continue later this week with visits to Chile and Argentina.

In a later press briefing, Korean presidential chief of staff for policy Kim Yong-beom said that after their summit, Lee and Brazilian President Luiz Inacio Lula da Silva designated him and Alckmin as the chief officials responsible for overseeing the implementation of bilateral economic cooperation.

"With the designation, Vice President Alckmin and I will focus on delivering results by closely overseeing the cooperation agenda discussed at the latest talks," Kim said.

Lee also stressed at the end of the business event the need to accelerate negotiations on a trade agreement between South Korea and the South American trade bloc Mercosur.

Despite the complex interests involved in opening the Brazilian market to Korean manufactured goods and the Korean market to Brazilian agricultural goods, "(Negotiations) should be coordinated in a way that benefits both sides," Kim quoted Lee as saying.

During the event, seven memorandums of understanding were signed between Korean and Brazilian companies, including one under which Korea Aerospace Industries (KAI), Ltd. will strengthen its strategic partnership with Embraer S.A., the Brazilian aerospace company, Kim said.