The South Korean government met with Brazilian companies operating in the country to discuss challenges they face in their business operations and explore ways to enhance trade and investment between the two nations.
The Ministry of Trade, Industry and Energy announced that Park Geun-oh, Director of Trade Agreement Policy, held a communication session on August 18 with representatives from nine Brazilian companies and the Brazilian ambassador to South Korea.
This meeting follows President Lee Jae-myung's visit to Brazil last month and aims to support Brazilian companies entering the South Korean market while expanding investment and business opportunities.
Brazil is South Korea's largest trading and investment partner in South America. Economic cooperation discussions between the two countries have intensified following Brazilian President Luiz Inácio Lula da Silva's visit to South Korea in February and President Lee's reciprocal visit to Brazil.
The ministry reported that it is working to create conditions for advancing trade agreement negotiations between South Korea and the Southern Common Market (Mercosur) and is strengthening cooperation in key minerals and industrial technology. Companies attending the meeting shared their current business status in sectors such as food, aviation, and minerals, requesting active government support and attention to ensure stable operations.
This meeting is seen as a step to broaden economic cooperation, which has primarily focused on supporting South Korean companies entering Brazil, to now also facilitate Brazilian companies' investments and market entry in South Korea. An increase in Brazilian companies in competitive sectors such as food, aviation, and minerals is expected to diversify trade items and investment structures.
In particular, progress in the South Korea-Mercosur trade agreement negotiations could provide a framework to systematically alleviate business challenges faced by Brazilian companies in South Korea, including customs, certification, and quarantine issues.
Park Geun-oh stated, "As the relationship between the two countries has become closer than ever following two recent summits, it is essential to strengthen economic cooperation through exchanges and communication between our companies. We will actively address the challenges raised during the meeting, if necessary, through high-level talks or bilateral consultations, and continue to communicate with companies wishing to enter the South Korean market in the future."
* This article has been translated by AI.
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