On Thursday, July 25, 2019, the Incheon Free Economic Zone Authority (IFEZ) signed an investment contract with Daebong LS Co., Ltd. for the construction of an advanced new materials research center for active pharmaceutical ingredients and related fields. Daebong LS Co., Ltd. will invest a total of KRW 36.3 billion (approximately USD 30.8 million) to build a four-story research center and headquarters building on a 9,633.4㎡ site in the advanced industrial cluster of Songdo International City (210-5 Songdo-dong), with construction scheduled to begin in 2020 and completion planned by 2021. Daebong LS Co., Ltd. is a company engaged in the research, development, and production of active pharmaceutical ingredients, cosmetic materials, and food additive ingredients.