ajunews Wednesday,28 February 2024

Brazil's vice industry minister visits S. Korea to level up trade and investment cooperation

By Kim Joo-heon Posted : November 28, 2023, 11:17 Updated : November 28, 2023, 22:31
Courtesy of the Brazilian Embassy in the Republic of Korea
[Courtesy of the Brazilian Embassy in Seoul]

SEOUL -- Marcio Elias Rosa, Brazil's Development, Industry, Commerce and Services Vice Minister, has visited South Korea to upgrade trade and investment cooperation in various sectors such as supply chain, renewable energy, digital transformation, and biopharmaceutical technology. During his stay in Seoul, Rosa reached a consensus to promote the trade and investment promotion framework with South Korea's trade ministry. 

Brazil became the first South American country to sign the Trade and Investment Promotion Framework (TIPF) with South Korea. Unlike the Free Trade Agreement (FTA), TIPF does not include tariff negotiations and places importance on enhancing industrial relations.

The Brazilian Embassy in Seoul said the vice industry minister agreed during a TIPF committee meeting on November 24 in Seoul to level up economic and trade cooperation with South Korea. Brazil is the 12th nation to sign TIPF with South Korea. South Korea's other TIPF partners include the United Arab Emirates, Qatar, and Finland.

Ahead of the TIPF meeting, Rosa has officials from prominent South Korean companies including Hyundai Motor, semiconductor packaging solution developer Hana Micron, and steel group Posco. He also met with Kang Do-hyun, the deputy minister of science and ICT to explore South Korea’s digital strategy such as big data, cybersecurity, and artificial intelligence.

Brazil, with a population of some 215 million, was South Korea's 11th largest trade partner in 2022. The trade volume reached $11.7 billion last year, up 31 percent from 2018. South Korea's investment in Brazil is mainly focused on the manufacturing industry. Major South Korean conglomerates, including Samsung, Hyundai, LG, and CJ have made investments in the South American country.

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