According to Yonhap News,
South Korea and Brazil discussed ways Wednesday to boost bilateral cooperation on trade, energy and a range of industry fields, Seoul's industry ministry said Wednesday.
During a working-level videoconference, the two sides discussed the potential signing of a bilateral Trade and Investment Promotion Framework (TIPF) to deepen bilateral trade and investment ties, according to the Ministry of Trade, Industry and Energy.
They also sought to push for joint projects on technology, energy and resources, digital issues, the green economy and bioeconomy, among other sectors, it added.
"We will strengthen cooperation channels with Brazil further to create greater business chances for South Korean companies and to address difficulties facing our firms doing business in Brazil," the ministry said in a release.
The likelihood of bilateral cooperation is greater, particularly as the Brazilian government is pushing "neo-industrialization" policy measures to spur growth, it added.
Brazil is the No. 1 market in South America and is rich in major resources and minerals, such as nickel and rare earth minerals.
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Source: Yonhap News (Aug. 16, 2023)