On September 25, 2017 (Monday), Incheon Metropolitan City and the Incheon Free Economic Zone Authority signed an investment agreement with Otis. Otis plans to build a global R&D center and an advanced manufacturing facility in Songdo International City. The agreement was expected to strengthen competitiveness in advanced elevator technologies by integrating research and production functions, while also helping expand local investment and create jobs. Otis is a global company that manufactures, installs, and maintains elevators and escalators.