On Friday, December 14, 2012, IFEZ signed a memorandum of understanding with ODEC. The agreement was intended to establish a foundation for cooperation in advanced industries and investment attraction within the Incheon Free Economic Zone. The Incheon Free Economic Zone Authority was to provide investment consultation and administrative support, while ODEC was to review investment opportunities and participation in the project. ODEC is a company engaged in industrial equipment and precision technology, and through this agreement, the Incheon Free Economic Zone Authority moved to strengthen industrial competitiveness by attracting global companies.