On Monday, Dec. 9, 2024, IFEZ signed a memorandum of understanding (MOU) with LCS Holdings in the Philippines to attract the K-beauty industry complex. With the signing of the agreement, LCS Group in the Philippines plans to invest about W500 billion in the 22,366㎡ (about 6,800 pyeong) of land in Songdo International Business District. The K-beauty industry complex will integrate medical facilities, educational research facilities, business facilities, and direct dormitory facilities to become a mecca for the K-beauty industry, and will operate a program to educate people who want to learn Korean beauty service technology in the Philippines, with the aim of exporting K-beauty and promoting tourism.