Invest KOREA

KOTRA-Woori Bank, Built a Cooperation System to Support Korean Companies Entering the Brazilian Market

KOTRA's Sao Paulo Trade Center and Banco Woori Bank do Brasil have agreed to cooperate to actively support Korean companies that want to establish corporations in Brazil.

Through this cooperation, KOTRA will provide legal advice on the establishment of a corporation and consulting on local market trends to companies seeking to enter Brazil for investment. In addition, Woori Bank will provide a separate office space as an incubator style for 100 days at its Brazil office in Sao Paulo to help companies that seek to establish a corporation there settle early, while also providing financial benefits such as preferential interest rates and foreign exchange fees.

Brazil, which has a huge market of 200 million people, is a leading production base in South America. Currently, more than 100 Korean companies, including Samsung Electronics, LG Electronics, Hyundai Motor, POSCO, and Green Cross, have entered the Brazil market, engaged in production and sales activities. In addition to the establishment of a corporation for the purpose of export, local production, and sales, the demand for the establishment of a local corporation is increasing as Brazil has recently attracted attention as a supply chain such for resources import such as as food and minerals.

The officials from KOTRA and Woori Bank said, "Through our cooperation, we will be able to provide support effectively to the companies making the first step of entering Brazilian market," adding, "We will actively help our companies do their business successfully by expanding cooperation with local institutions."



Source: KOTRA (2023.12.04.)