Brazil and South Korea sign MoU on port sector investments

Brazil’s Ministry of Infrastructure (MInfra) signed this Tuesday January 14, a Memorandum of Understanding with the Government of South Korea designed to encourage foreign trade between the two nations and to promote the exchange of information on best practices within the port and maritime sectors.

The document, signed by the MInfra and South Korea’s Ministry of Ocean and Fisheries, states that the two countries should collaborate and work together to encourage economic growth by exchanging information on business opportunities, including logistics parks and port development projects.

According to MInfra’s National Secretary of Ports and Waterways, Diogo Piloni, the memorandum will strengthen the relationship between the two countries. “With the signing of the memorandum, a relationship will be created between government officials to cooperate to address sectorial challenges in a sustainable, safe and competitive manner,” emphasized Piloni.

South Korea’s Oceans and Fisheries Minister Seong Hyeok Moon said that with the conclusion of negotiations for the establishment of a trade agreement, there is an expectation of a substantial increase in trade and investments in Brazil and Latin America, especially considering there is a lot of room for growth. “By building this cooperation relationship in the port sector, best efforts will be made to ensure that the results are linked to foreign investment in the sector,” he said.

With the agreement, the two countries will be able to think about areas of common interest and promote improvements through working groups on operational safety, regional data and benchmarking, competitiveness and pricing of alternative and sustainable fuels, training and education, as well as support for port sector events.

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