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Brazil : Kotra signs Brazil shipbuilding deal.

The Korea Trade-Investment Promotion Agency (Kotra) announced yesterday the signing of a memorandum of understanding with Brazil s Transpetro, the largest shipbuilder in Latin America, to forge cooperation in the shipbuilding sector.

Under the MOU, Korea will provide advanced shipbuilding equipment to Transpetro, which will offer its services to help Korean companies to enter the Brazilian shipbuilding market.

Transpetro, a subsidiary of Petrobras, one of the world s largest oil companies, is in charge of Programma de Modernizacao e Expansao da Frota (Promef), which aims to boost Brazil s shipbuilding industry.

Promef, which was started in 2004 by the Brazilian government, requires shipbuilders to use a certain percentage of domestic parts and equipment, currently at 70 percent.

Kotra said that Korean companies operating in Brazil would be considered domestic suppliers under Promef. The MOU signing was attended by Kotra president Cho Hwan-eik and Transpetro chief executive Jose Sergio de Oliveira Machado, This deal is meaningful because we have opened up doors to Korean companies to enter the Brazilian shipbuilding equipment market, said Cho.

We need the Korean companies advanced technology, not just their entry into our market, said Machado. The ship is about to sail, and there will be no more chances once this one leaves. I hope a lot of the Korean companies come on board with us.

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Date:Jul 27, 2010
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