BRASILIA, May 28 (Xinhua) -- Brazilian Foreign Minister Antonio Patriota and his South Korean counterpart Kim Sung-hwan signed here on Monday 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 in June.

South Korea was Brazil's seventh largest trade partner in 2011, with bilateral trade amounting to 14.8 billion U.S. dollars, registering an increase of more than 274 percent in five years.

South Korean investment in Brazil's oil, electronics and transportation sectors totaled 1 billion dollars last year.

May 28, 2012

Source: Xinhua

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