South Korea, Brazil forge SME ties to help K-startups enter Latin America

South Korea's Ministry of SMEs and Startups is stepping up cooperation with Brazil on small and medium-sized enterprises and startups, and will work to help Korean startups break into the South American market.

The ministry said Tuesday that First Vice Minister Noh Yong-seok held a bilateral meeting Monday (local time) in São Paulo with a Brazilian delegation that included Luciana Mancini, special adviser to Brazil's minister for small businesses. The two sides discussed ways to strengthen cooperation on SMEs, venture companies and startups.

The meeting was arranged to follow up on a memorandum of understanding on SME and startup cooperation signed during Brazilian President Luiz Inácio Lula da Silva's state visit to South Korea in February. Both sides focused on translating that summit-level diplomatic outcome into concrete market-entry opportunities for Korean SMEs in South America.

The two sides agreed to establish a formal cooperation channel for SMEs and venture companies to boost their competitiveness. They also agreed to expand startup policy exchanges and jointly support companies from both countries in entering each other's markets.

Noh introduced the ministry's "Everyone's Startup Project," the recently opened Startup Venture Campus (SVC) Seoul, and the global startup festival COME UP 2026, proposing areas for policy cooperation. He said deepening ties between technology-driven Korean startups and Brazil's startup ecosystem — the largest in Latin America — was particularly important.

The Brazilian delegation expressed strong interest in SVC's startup support model and indicated a willingness to bring South Korea's policy expertise to Brazil.

Brazil, home to about 210 million people, is Latin America's largest economy, and its startup ecosystem has been growing rapidly, driven by digital transformation and sectors including fintech, mobility and climate technology. The ministry plans to use the partnership with Brazil as a springboard to expand Korean startups' presence across South America and to broaden investment and commercialization opportunities through its global network.

"We will spare no practical policy support to help our SMEs and startups secure new growth engines in Brazil and across the South American market," Noh said.