On Tuesday, June 13, 2017, IFEZ signed a memorandum of understanding with Otis for the establishment of an R&D center and an advanced manufacturing facility in Songdo International City. Under the agreement, Otis planned to promote the development of a facility that would integrate global research and development functions with advanced production capabilities. Otis is a global elevator company that manufactures, installs, and maintains elevators, escalators, and moving walkways.