On Monday, November 14, 2016, IFEZ signed the “Songdo Bio Front Investment Agreement” with Merck of Germany. Under the agreement, Merck Korea agreed to expand its investment in logistics services and manufacturing facilities in Songdo International City, while IFEZ committed to providing the administrative support necessary for the implementation of the investment. Merck is a global science and technology company headquartered in Germany that provides products and services related to life science, functional materials, and bioprocessing. The signing was expected to contribute to strengthening the competitiveness of the bio cluster in Songdo International City and expanding the foundation for global corporate investment.