▲ President Lee Jae Myung (L) greets Hyundai Motor Group Executive Chair Euisun Chung at a South Korea-Brazil business roundtable in Sao Paulo on July 28, 2026. (Yonhap)
▲ President Lee Jae Myung speaks during a South Korea-Brazil business roundtable in Sao Paulo on July 28, 2026. (Yonhap)
▲ Brazilian Vice President Geraldo Alckmin speaks during a South Korea-Brazil business roundtable in Sao Paulo on July 28, 2026. (Yonhap)

(ATTN: UPDATES with roundtable results in last 5 paras)

By Park Boram

SAO PAULO, July 28 (Yonhap) -- 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 areas where the countries could achieve greater collaboration.

The South Korean president made the remarks at a business roundtable in Sao Paulo, which brought together leaders of major companies from both countries to explore 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 at the event.

The president noted that despite the significant potential, bilateral trade volume remains relatively "very small."

He cited 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," the president said.

Against such a backdrop, "finding a partner with which a country can create synergy by leveraging each other's strengths is more important than ever," he also said, calling Brazil 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.

Tuesday's event was attended by South Korean business leaders and officials, including the heads of Hyundai Motor Group and Korean Air Co., as well as Industry Minister Kim Jung-kwan, along with Brazilian Vice President Geraldo Alckmin and Brazilian business leaders.

Lee is currently on a state visit to Brazil as part of his three-nation South America tour, which will take him to Chile and Argentina later this week.

In a subsequent press briefing, South Korean presidential chief of staff for policy Kim Yong-beom said that following their summit, Lee and Brazilian President Luiz Inacio Lula da Silva designated him and the Brazilian vice president 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.

At the conclusion of the business event, Lee also emphasized the importance of accelerating negotiations on a trade agreement between South Korea and the South American trade bloc Mercosur.

Despite the complex interests involved in the opening of the Brazilian market to South Korean manufactured goods and the South 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 South Korean and Brazilian companies, including one under which Korea Aerospace Industries (KAI), Ltd. will strengthen its strategic partnership with Embraer S.A., a Brazilian aerospace giant, Kim added.

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