On Wednesday, May 27, 2020, IFEZ held the “Vision Declaration and Mutual Cooperation Agreement Ceremony for Incheon Startup Park” in the first-floor lobby of Tomorrow City in Songdo International City. At the event, participants discussed strategies to foster K-Startups as a new driver of Korea’s economic growth and to build a hub for bio and untact startups. The Ministry of SMEs and Startups, Incheon Metropolitan City, Shinhan Financial Group, and Celltrion then signed a mutual cooperation agreement to create and revitalize the startup ecosystem, and announced plans to establish and operate an open anchor facility with a total budget of KRW 24.1 billion (approximately USD 20 million).