On Wednesday, January 15, 2020, Incheon Metropolitan City and the Incheon Free Economic Zone Authority signed a memorandum of understanding with Songdo International City Development, LLC for establishing development strategies for undeveloped sites in the Songdo International Business District. The agreement was intended to formulate feasible development strategies by the end of the year for undeveloped land within the 5.80㎢ business district in Areas 1 and 3 of Songdo International City. Incheon Metropolitan City, the Incheon Free Economic Zone Authority, and Songdo International City Development, LLC planned to cooperate on resetting investment attraction goals, gathering diverse opinions, and carrying out related administrative procedures.