Investe SP establishes partnership with South Korean investment promotion agency
The memorandum of intent signed this Wednesday aims to encourage the promotion of investments and economic relations between the state of São Paulo and South Korea
The investment and business officer at Investe SP, Hans Schaeffer, and the commissioner at Korea Trade & Investment Promotion Agency (Kotra), Han Ki-Won, signed this Wednesday, June 20, in São Paulo, a memorandum of intent aiming to encourage the promotion of investments and economic relations between the state of São Paulo and South Korea.
The ceremony occurred during the Brazil-South Korea Forum for Industrial Cooperation and Investments. “The economies of both countries complement each other. In this sense, Investe São Paulo and Kotra have many tasks to develop from now on. I hope that both institutions will achieve good results and be successful in this partnership”, said Hong Sukwoo, the Minister of Knowledge and Economy of South Korea.
The Deputy Executive Secretary of the Ministry of Development, Industry and Foreign Trade, Ricardo Schaefer, emphasized that the partnership between Kotra and Investe SP is very important to widen the relations between both countries. “Investe São Paulo is highlighted as one of the best investment promotion agencies at state level”, affirmed Schaefer. “As the state of São Paulo is the economic engine of Brazil, I am sure that both institutions will have lots of work together”, he completed.
Institutions’ commitments
The investment and business officer at Investe SP explains that, through the memorandum, both institutions committed themselves to indentifying industries and companies that may be interested in doing business in another region. “By sharing information and data with Kotra, we contribute to promoting the state of São Paulo as the best destination for Korean investors”, explained Schaeffer.
“With the memorandum of intent, both institutions also commit themselves to providing support for the reception of delegations and to developing events jointly”, complemented Wilson Soares, the institutional and international relations manager at Investe SP.
In May, the agency’s institutional and international relations manager, Sérgio Costa, went on a mission to South Korea, where he participated in the 1st Korea-Brazil Forum for Business: Business and Investment Strategies in the Brazilian Market”, which was held in the city of Seoul. The seminar was directed toward Korean investors and totaled about 100 participants interested in the Brazilian market. Additionally, Costa participated in meetings with companies and investors from several segments and with members of the Embassy of Brazil in Korea.
In 2012, South Korea was the 15th largest investing country in Brazil. According to the Central Bank, Brazil received US$1.07 billion direct investments from South Korea in 2011, 1.5% of the total foreign direct investments received by the country.