South Korea’s Industry Ministry on Friday said it launched a new strategic partnership with Brazil, to enhance trade ties and investment cooperation in green energy and digital technology sectors.

During the Vice Minister of Development, Industry, Commerce and Services Marcio Elias Rosa’s two-day visit to Seoul, he met with Trade Minister Ahn Duk-geun to sign the “Korea-Brazil Trade and Investment Promotion Framework,” or TIPF, in Seoul, Friday.

“We will deepen the economic partnership with Brazil by actively promoting diverse cooperation projects via TIPF,” Ahn said.

The TIPF aims to deepen Korea’s bilateral relationships with industry partners and also highlight investment in emerging markets such as green energy, digital technology and biotechnology.

Starting off with the United Arab Emirates in January, this partnership with Brazil marks the 12th TIPF. Brazil is the first South American nation to ink a TIPF with Korea, the ministry said.

The two plan to hold an annual meeting for the TIPF committee to discuss specific projects in the industry, trade, and energy sectors as well as resolve difficulties shared by companies aiming to enter the overseas market. Following the first meeting held in Seoul, the Brazilian vice minister expressed interest in hosting the next meeting in Brazil.

A strong contender in becoming one of the most dominant economies in the world, Brazil is a leading producer of rich minerals including nickel, lithium, rare-earth elements, and graphite.

While Korea set up ties with Brazil in 1959, the first among Latin American countries, it still remains the nation’s key economic partner, the ministry added.

In August, the Brazilian federal government launched a New Growth Acceleration Program, investing some $341 billion to promote the country’s economic growth for the next four years. This project is expected to open new overseas expansion and investment opportunities for Korean companies.