On Wednesday, January 30, 2013, IFEZ signed a memorandum of understanding with Hyosung ITX, GIK, and Gale International for the revitalization of the Songdo International Business District. The agreement served to establish a cooperative foundation for the development of the international business district in Songdo International City, the attraction of businesses, and the activation of office and commercial functions. Hyosung ITX is a business service company based on information technology, and Gale International is a company that participated in the development of the international business district in Songdo International City.