Strengthening Trade, Investment, and Industrial Cooperation with Brazil, the Largest Market in South America

Korea-Brazil Director-General Level Industrial Cooperation Dialogue

As discussions to strengthen cooperation channels between the industrial and trade departments of Korea and Brazil gain momentum, it is expected that trade, investment expansion, and industrial cooperation activities between the two countries will become more active in the future.

On the afternoon of the 16th, the Ministry of Trade, Industry and Energy will hold a director-level video conference with Brazil's Ministry of Development, Industry, Trade and Services to discuss ways to enhance cooperation in trade, investment, and industrial sectors.

Brazil is the largest market in South America with a population of 215 million (7th in the world as of 2022) and a gross domestic product (GDP) of 1.92 trillion dollars (11th in the world). It is a resource-rich country abundant not only in traditional minerals such as iron ore but also in key minerals like niobium, nickel, and rare earth elements. Many Korean companies have entered the Brazilian market, focusing on automobiles, home appliances, and bio sectors. Recently, Brazil has been promoting new industrialization policies, raising expectations for cooperation with Korea in various fields.

This meeting is held to discuss ways to strengthen cooperation between the industrial and trade departments of the two countries. The agenda includes identifying mutually beneficial practical cooperation topics in areas such as trade facilitation, industry and technology, energy and resources, and digital, green, and bio economies, as well as discussing the establishment of cooperation mechanisms such as the Trade and Investment Promotion Framework (TIPF).

Starting with this discussion, the Ministry of Trade, Industry and Energy plans to strengthen cooperation channels between the two ministries to not only expand business opportunities for Korean companies but also serve as a channel to resolve difficulties faced by local investment and operating companies.

Meanwhile, since signing the TIPF with the Dominican Republic in April, the Ministry has been actively promoting the establishment of cooperation channels with industrial and trade departments of major Latin American countries including Brazil. Later this month, a director-level video conference will also be held with Uruguay to discuss ways to strengthen cooperation between the two countries.

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