Lee calls for joint development of next-generation commercial aircraft President Lee Jae Myung speaks at a Korea-Brazil business roundtable at a hotel in Sao Paulo on Tuesday. (Yonhap) President Lee Jae Myung called on South Korean and Brazilian businesses Tuesday to capitalize on their complementary strengths, identifying next-generation commercial aircraft, critical minerals and K-beauty as potential engines of growth.Lee outlined his vision for deeper economic cooperation between the two countries at a business roundtable in Sao Paulo, a day after holding summit talks with Brazilian President Luiz Inacio Lula da Silva in Brasilia.“As global uncertainty grows, it is more important than ever to find partners that can build on each other’s strengths and create synergies,” Lee said in his opening remarks.Lee described Brazil as a major source of critical minerals essential to advanced industries, including nickel and iron ore.Lee also highlighted the country’s abundant hydroelectric, wind and solar energy resources, its leading position in the bioethanol market and its world-class capacity to produce small and midsize commercial aircraft.South Korea, by contrast, brings advanced manufacturing capabilities spanning artificial intelligence, semiconductors and biotechnology, as well as the automotive and steel industries, according to Lee.“By combining Korea’s unrivaled innovative technologies and manufacturing capabilities with Brazil’s abundant resources, our two countries can become ideal partners in building resilient supply chains and leading the industries of the future.”Lee stressed that the two countries should pursue more joint projects following the elevation of bilateral ties to a strategic partnership during Lula’s state visit to South Korea in February.Brazil is already South Korea’s largest trading partner in South America, while a growing number of South Korean companies are expanding into the Brazilian market, according to Lee.“Given the size of our two economies, the potential for economic cooperation is enormous. Yet bilateral trade remains very limited compared with that potential,” Lee said.“Looking ahead, I expect significant progress in three areas: the joint development of next-generation commercial aircraft, supply-chain cooperation in critical minerals and the increasingly popular K-beauty industry.”Lee called on business leaders from both countries to join forces.“South Korea and Brazil can grow together as leading aircraft-manufacturing nations in the global aviation market, key partners in supply-chain cooperation and, ultimately, leaders in the global beauty industry,” he said.Aviation is emerging as a visible symbol of the expanding relationship. Upon arriving in Brasilia on Sunday, Lee inspected a C-390 military transport aircraft manufactured by Brazil’s Embraer. South Korea is set to receive the first of three C-390s later this year under a procurement deal that includes the participation of South Korean companies in the production of key components.Lee’s proposal Tuesday went further, raising the prospect of cooperation on the joint development of next-generation commercial aircraft.Lee said he had discussed ways to deepen economic cooperation with Lula during their summit Monday.“Our two countries must now find a new path to turn their potential into reality through cooperation,” Lee said. “I hope today’s meeting will serve as the starting point for building concrete relationships founded on a new level of trust and cooperation.”The business roundtable was hosted by South Korea’s Ministry of Trade, Industry and Resources and Brazil’s Ministry of Development, Industry, Trade and Services, and organized by the Federation of Korean Industries and ApexBrasil, Brazil’s trade and investment promotion agency.Participants included Federation of Korean Industries Chairman Ryu Jin, who also serves as chairman of Poongsan Corp.; Hyundai Motor Group Executive Chair Chung Euisun; Posco Group Chairman Chang In-hwa; Hanjin Group Chairman Cho Won-tae; and Korea Aerospace Industries President Kim Jong-chool.Executives from Samsung, LG, SK, Hanwha, HD Hyundai, Naver, Highland Foods, Amorepacific, APR, Goodai Global and Silicon2 also attended.