S.Korea signs deal with Brazil to share economic development experience

Updated: 2012-06-01 16:37:00

(Xinhua)

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SEOUL, June 1 (Xinhua) -- South Korea signed a deal with Brazil to share knowledge on the country's economic development experience and strengthen bilateral economic cooperation, the finance ministry said Friday.

South Korean Finance Minister Bahk Jae-wan inked a memorandum of understanding (MOU) with his Brazilian counterpart Fernando Damata Pimentel to step up bilateral cooperation through the country's Knowledge Sharing Program (KSP), according to the Ministry of Strategy and Finance.

The bilateral cooperation through KSP began in 2011, but the Brazilian minister requested the MOU to expand and accelerate cooperation, the ministry said.

The program was designed to share South Korea's economic development experience with countries which need it. During the period from 2004 to 2011, policy consultation on more than 300 projects was offered to 34 countries.

The ministry said that the two countries have worked on designing Exportation Processing Zone (EPZ) in Brazil since 2011 through the KSP, noting that the MOU will help South Korea provide expanded policy consultation on all free trade zones in Brazil.