On Thursday, July 10, 2014, IFEZ signed a Memorandum of Agreement (MOA) with Koam International for the successful implementation of the Korean American Town development project. The agreement was promoted to improve settlement conditions for overseas Koreans returning to Korea and to create a residential and business hub linked to overseas Korean capital and networks. The Incheon Free Economic Zone Authority and Koam International agreed to cooperate on development planning for Korean American Town in Songdo International City, project support, investment attraction, and measures to create a stable living environment, and planned to move forward with the project in stages. Koam International is a private-sector partner that has worked on projects connected with the Korean American community.