Lula seeks Korean investment in key minerals

Feb 24, 2026, 07:26 am

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President Lee Jae-myung and Brazilian President Luiz Inácio Lula da Silva pose for a commemorative photo during an expanded summit at the presidential office in Seoul on Feb. 23. / Yonhap

President Lee Jae-myung and Brazilian President Luiz Inácio Lula da Silva agreed on Feb. 23 to upgrade bilateral relations to a “strategic partnership,” marking a major milestone 67 years after the two countries established diplomatic ties in 1959.

At a summit held at the presidential office in Seoul, the two leaders adopted a four-year action plan covering cooperation from this year through 2029. The blueprint aims to expand collaboration across key sectors, including critical minerals, energy transition, food security, science and technology, healthcare, environment and space.

The leaders also shared the view that a trade agreement between South Korea and MERCOSUR — the South American trade bloc comprising Brazil, Argentina, Uruguay and Paraguay — is necessary. Negotiations between Korea and MERCOSUR have stalled in recent years, but the latest summit raised expectations for renewed momentum.

Following the talks, President Lee said in a joint press conference, “Today will be recorded as a historic day that has created a new leap forward in bilateral relations.”

He added, “I explained the need to swiftly resume negotiations for a trade agreement between Korea and MERCOSUR, and President Lula deeply agreed that concluding such an agreement is an urgent task.”

Lee outlined key outcomes of the summit, including expanded mutually beneficial economic cooperation, the establishment of an implementation framework through 10 memoranda of understanding and agreements, close consultations on global and regional issues, and strengthened people-to-people ties.

The two sides agreed to establish a high-level economic and trade committee jointly chaired by their respective foreign and industry ministries. The body will focus on cooperation in critical minerals, the digital economy including artificial intelligence, green and bio industries, trade and investment facilitation, and industrial and technological collaboration.

Lee emphasized that the two countries would broaden cooperation in future industries such as space, defense and aviation. “In the aviation sector, Korean component suppliers are already participating in Brazilian transport aircraft production,” he said, adding that cooperation could advance to joint development of next-generation civilian aircraft.

President Lula likewise underscored collaboration in advanced industries, including critical minerals, defense, space and semiconductors. During the expanded talks, he highlighted that Brazil ranks second globally in reserves of rare earths and nickel, stating, “We want to attract investment from Korean companies in critical minerals.”

He also expressed strong interest in semiconductor cooperation, saying, “I would very much like to discuss the semiconductor industry. We have great interest.”

Beyond high-tech sectors, the two sides agreed to explore cooperation in areas such as small and medium-sized enterprises, health-related regulations including K-beauty products, and agriculture.

A state banquet later in the day was expected to draw major business leaders, including Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Eui-sun, LG Group Chairman Koo Kwang-mo and HD Hyundai Vice Chairman Chung Ki-sun.

The two presidents, who share the background of rising from humble beginnings, first met at the G7 summit in Canada last June. Ahead of the summit, Lee referred to Lula as an “eternal comrade” in a post on X. Lula, who arrived in Seoul on Feb. 22 for a state visit, is scheduled to conclude his trip on Feb. 24.

#Lee Jae-myung #Luiz Inácio Lula da Silva #South Korea #Brazil #strategic partnership