On Wednesday, December 15, 2021, IFEZ signed a memorandum of understanding with BMW Korea Co., Ltd. for the establishment of the BMW Research and Development Center, which will be responsible for the development and testing of automotive electronic systems. The BMW Research and Development Center is scheduled to break ground in 2022 and be completed in 2023 on a 5,295-square-meter site within Incheon Hi-tech Park in Cheongna International City. In cooperation with BMW’s headquarters in Germany, the center will conduct research in future mobility fields such as autonomous driving, connectivity, and electrification technologies, and will serve as a base for technology exchange between Germany and Korea.