President Yoon Suk Yeol met with business leaders in São Paulo, Brazil, on July 28 to discuss expanding trade and investment between the two countries. This initiative, termed 'economic sales diplomacy,' aims to connect strategic industry cooperation in areas such as critical minerals, defense, aerospace, and energy with business-level projects and investments, following his summit with Brazilian President Luiz Inácio Lula da Silva the previous day in Brasília.
Beginning his first day in São Paulo with a luncheon for expatriates, President Yoon then attended a Korea-Brazil Business Roundtable at a local hotel, where he engaged with business leaders on enhancing industrial cooperation and creating new business opportunities. The event focused on translating the government-level cooperation established during the summit into concrete private investments and corporate collaborations.
Notable attendees from the Korean side included Ryu Jin, chairman of the Korea Economic Association; Chung Eui-sun, chairman of Hyundai Motor Group; Jeong In-hwa, chairman of POSCO Group; Cho Won-tae, chairman of Hanjin Group; Park Seung-hee, president of Samsung Electronics; and Ryu Jae-cheol, CEO of LG Electronics. Other participants included Lee Dong-hoon, CEO of SK Biopharmaceuticals; Jeong In-seob, president of Hanwha Ocean; Moon Jae-young, CEO of HD Hyundai Construction Equipment; Choi Soo-yeon, CEO of Naver; Lee Sang-mok, president of Amorepacific; and Kim Byung-hoon, CEO of A.P. Real.
President Yoon emphasized the need for complementary cooperation, where Korean companies can leverage Brazil's abundant resources and domestic market, while Brazilian firms can use Korea's advanced manufacturing and digital technologies to enter Asian markets.
The institutional foundation for this economic diplomacy was established during the Korea-Brazil summit held the previous day at the Palácio da Alvorada in Brasília. The two leaders declared 2026 as the 'Year of Leap for the Korea-Brazil Strategic Partnership' and adopted a joint statement to expand cooperation in future industries, including defense, aerospace, critical minerals, and semiconductors.
Notably, the summit resulted in a timeline for resuming negotiations on the long-stalled Korea-Mercosur trade agreement, which has been at a standstill since the seventh round of talks in 2021.
In light of increasing uncertainties in the international trade environment, both leaders agreed that the Korea-Mercosur trade agreement is a key foundation for a new leap in economic cooperation between the two countries. They plan to announce the resumption of negotiations during the 69th Mercosur Summit in December.
Before the announcement of the resumption, the two countries agreed to form a bilateral working group to analyze trade expansion opportunities and sensitivities arising from market openings. Korea and the four Mercosur countries—Brazil, Argentina, Paraguay, and Uruguay—began trade agreement negotiations in 2018 but have not made significant progress since 2021.
Kim Yu-jeong, chief spokesperson for the Blue House, stated, 'This strengthens the foundation for developing the strategic partnership between the two countries into practical cooperation and lays the groundwork for comprehensive collaboration encompassing exchanges between future generations and cooperation in advanced fields.'
* This article has been translated by AI.
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