S. Korea to cooperate with Brazil in ship, industrial plants

SEOUL, Nov. 17 (Xinhua) -- South Korea and Brazil have signed a memorandum of understanding (MOU) to promote South Korean firms' export of ship and industrial plants to Brazil, South Korea's Ministry of Knowledge Economy said Monday.

The MOU, which was reached in Sao Paulo between the state-run Korea Export Insurance Corp. and Petrobras, could facilitate the winning of future orders by the Brazilian oil producer and refiner, the ministry said.

Petrobas, which is the sixth largest oil company in the world, is expected to invest 112.4 billion U.S. dollars by 2012 to expand its business sphere, South Korea's Yonhap News Agency said.

The Ministry of Knowledge Economy said it will set up a trade promotion and support center in Sao Paulo and provide 2.8 billion won (2 million U.S. dollars) in 2009 to help South Korean companies expand their presence in Brazil.