On September 29, 2022 (Thursday), the Incheon Free Economic Zone Authority (IFEZ) signed a “Mutual Growth Agreement for the Promotion of the Local Construction Industry” in connection with the Phase 2 infrastructure construction project in Block 11-1 of Songdo International City. The infrastructure construction project for Songdo International City Block 11-1 is a large-scale development with a total project cost of KRW 825.9 billion. The project aims to respond to growing land demand and promote the activation of industrial complexes through the development of various infrastructure facilities, including roads and retention basins. The project is scheduled for completion by 2025.