S. Korea, Brazil agree to expand industrial, energy cooperation

By Lee Joon-seung

SEOUL, Nov. 20 (Yonhap) -- South Korea and Brazil agreed to expand strategic cooperation in bio energy and other key industries to benefit both sides, the Ministry of Knowledge Economy said Thursday.
The memorandum of understanding (MOU) signed on the sidelines of President Lee
Myung-bak's visit to the South American country calls for expanding bilateral
investments and trade and technology exchanges through an industry cooperation
committee, the ministry said.
South Korean Knowledge Economy Minister Lee Youn-hoon and Brazilian Vice Minister
of Development, Industry, and Foreign Trade Ivan Ramalho signed the MOU between
the two countries with complementary industrial structures, the ministry said.
South Korea is a global leader in information technology, shipbuilding and
industrial plant construction, while natural-resource rich Brazil is competitive
in the aerospace sector and leads in bio fuel production.
Earlier in the day, Minister Lee and Brazil's Minister of Energy and Mines Edison
Lobao agreed to work closely in the development of oil, gas, natural minerals,
nuclear power and bio energy.
South Korea has conducted research to transform seaweed into bio fuel, while
Brazil is a forerunner in creating bio ethanol from sugar cane, which is mixed
with conventional fuel.
In addition, Minister Lee called on Brasilia to start the process to permit free
trade agreement talks to begin between South Korea and Mercosur, a five-nation
common market made up of Argentina, Brazil, Paraguay, Uruguay and Venezuela.
Mercosur maintains high tariff rates on such industrial goods as autos, consumer
electronics and transportation equipment.