The heads of South Korea's largest conglomerates met with Brazilian President Luiz Inácio Lula da Silva at the Korea-Brazil Business Forum in Seoul, signing six memoranda of understanding spanning biopharmaceuticals, strategic minerals, and digital healthcare.
Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Euisun, and LG Group Chairman Koo Kwang-mo attended the forum at Lotte Hotel on Wednesday. The executives held a 30-minute meeting with President Lula to discuss bilateral cooperation in key industries.
HD Hyundai Group Chairman Chung Ki-sun also joined the event, hosted by the Korea Enterprises Federation. The executives' attendance was confirmed around noon on the day of the event, sources said.
"Korean companies view Brazil as a strategic partner for sharing production and growth," KEF Chairman Ryu Jin said in his welcoming address. "The scope of cooperation discussed today—mobility, aerospace, critical minerals, and agri-food industries—is vast."
President Lula acknowledged the gap between political and economic ties. "Trade between Korea and Brazil reached $11 billion last year—far below our potential," he said in his keynote speech. "We have opened the door, and exchanges between our countries will expand."
The forum produced concrete results. Brazil's Ministry of Health signed an MOU with South Korea's Ministry of Health and Welfare on digital healthcare systems. SK signed a commercialization partnership with Brazilian pharmaceutical company Eurofarma. Vale, the world's largest iron ore producer, announced plans for joint development of decarbonization technologies with Korean firms.
Brazilian Finance Minister Fernando Haddad urged Korean companies to invest immediately. "Starting January next year, we will unify the complex indirect taxes of 27 states into a single value-added tax and implement 100% digitalization," he said. "Now is the optimal time to invest in Brazil."
The business leaders later attended a state dinner hosted by President Lee Jae-myung at Cheong Wa Dae. SK Group Chairman Chey Tae-won, who did not attend the forum, joined the dinner.
"Our proud Korean companies are a core pillar of bilateral relations," President Lee said, referring to Samsung, Hyundai, and LG.