On Monday, March 6, 2017, IFEZ signed a letter of intent with the People’s Government of Yancheng City in China. The letter of intent was prepared to promote cooperation for the development of Seongnam New District in Yancheng City, which had been selected by the Jiangsu Provincial Government as a smart city pilot area. The two sides planned to share smart city development experience and policies, and to explore ways to cooperate in urban development and investment. Yancheng is a major industrial and logistics hub on the eastern coastal area of Jiangsu Province.