[Anchor]

President Lee Jae-myung, who is currently making a state visit to Brazil, attended a South Korea-Brazil business event. President Lee unveiled plans for cooperation on supply chains for rare earths, a core raw material for semiconductors.

Reporting from Sao Paulo, here is correspondent Kang Cheongwan.

[Reporter]

President Lee Jae-myung, currently on a state visit to Brazil, attended the South Korea-Brazil Business Roundtable bringing together entrepreneurs from both countries in Sao Paulo, Brazil's economic hub.

With attendees including Hyundai Motor Group Executive Chair Euisun Chung and Korean Air Chairman Cho Won-tae, President Lee praised Brazil as a treasure trove of critical minerals essential for advanced industries and as a nation possessing world-class capabilities in producing small and medium-sized civil aircraft.

Stating that these strengths combined with South Korea's advanced manufacturing capabilities could generate massive synergy, he proposed discovering and pursuing joint projects between the two nations.

[If South Korea's unrivaled innovative technology and manufacturing capabilities join forces with Brazil's abundant resources, our two nations can leap forward as optimal partners leading stable supply chains and future industries together.]

President Lee specifically highlighted three areas where both countries can yield results: joint development of next-generation civil aircraft, cooperation on critical mineral supply chains, and K-beauty.

The Cheong Wa Dae also released the South Korea-Brazil joint statement adopted during President Lee's summit with Brazilian President Lula da Silva the previous day.

The statement includes plans to resume negotiations for improving the trade agreement between South Korea and the four South American nations of Mercosur starting at the end of this year, as well as measures for cooperation on the supply of rare earths—critical raw materials for semiconductors of which Brazil holds the world's second-largest reserves.

President Lee Jae-myung has wrapped up all schedules of his state visit to Brazil and is heading to Chile, the second stop on his South American tour.

(Camera footage: Jung Sang-bo, Video editing: Lee Seung-jin)