On Wednesday, January 30, 2013, IFEZ signed an investment agreement with Ajinomoto Genexine for investment in Songdo International City. Ajinomoto Genexine is a joint venture established by Japan’s Ajinomoto and Korea’s biotech venture Genexine, and it promoted a project to produce cell culture media in Songdo International City. The company later invested KRW 35.7 billion (approximately USD 32.9 million) to build Korea’s first cell culture media production system and moved forward with the localization of raw materials for the bio industry.