29-05-2012 10:25 Brazil
Brazil, South Korea to boost foreign trade
BRASILIA, May 29 (NNN-XINHUA) - Brazilian Foreign Minister Antonio Patriota and his South Korean counterpart Kim Sung-hwan signed here yesterday an agreement aimed at boosting bilateral trade.
At a joint press conference following their meeting, Patriota said the level of bilateral understanding is growing.
He also revealed that Brazil's Minister of Industry and Trade Fernando Pimentel will visit South Korea this week and will also meet with South Korean businessmen investing in Brazil.
For his part, Kim confirmed that South Korean President Lee Myung-bak would attend the United Nations Conference on Sustainable Development Rio 20, due to be held in Rio de Janeiro next month.
South Korea was Brazil's seventh largest trade partner last year, with bilateral trade amounting to US$14.8 billion, registering an increase of more than 274 percent in five years.
South Korean investment in Brazil's oil, electronics and transportation sectors totalled US$1 billion last year.