On Tuesday, September 27, 2016, Incheon Metropolitan City and the Incheon Free Economic Zone Authority (IFEZ) signed an investment memorandum of understanding with Hangil Eye Hospital, New Korea Hospital, Dain ENT Hospital, Sejong Hospital, and Yeson Hospital for the development of a specialized hospital complex in Songdo International City. Under the agreement, the five specialized hospitals planned to invest a total of KRW 250 billion (approximately USD 225 million) in the Songdo Knowledge Information Industrial Complex to establish a medical cluster equipped with specialized healthcare services and treatment functions. The project was expected to contribute to the expansion of medical infrastructure, improvement of residential conditions, and revitalization of the bio-medical linked industry.