South Korea to invest $1m in tech projects in Brazil

The agreement between both countries will see projects carried out over the next three years

The government of South Korea will invest $1m in a technology innovation partnership with Brazil over the next three years.

The agreement signed by the Brazilian communications minister Ricardo Berzoini and the South Korean minister of science and technology Yanghee Choi, will include research and development activities around Internet of Things, Big Data and smart cities.

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In addition, the agreement will also see activities in areas such as the development of 5G technology, Internet governance and ITC policies.

However, the agreement does not make any mentions to the improvement of broadband in Brazil in the short-term: while fixed Internet provision in Brazil still lags behind most nations, South Korea has the world's fastest connectivity.

South Korea invests about $3bn annually in Brazil, notably in the automotive, steel and semiconductor industries. Between 2009 and 2014, bilateral trade between the two countries went from $7.5bn to $12.3bn.

China is another Asian nation that has been strengthening its partnerships within technology with Brazil.

Back in 2013, the countries announced ten-year plans in areas such as nanotechnology, biotechnology and technology parks, as well as the continuity of the China-Brazil Earth Resources Satellite program, which put its fourth satellite into orbit last December.