On April 16, 2006 (Sunday), Incheon Metropolitan City and the Incheon Free Economic Zone Authority (IFEZ) signed an investment memorandum of understanding at the grand conference room on the fifth floor of the Daewoo Building in Seoul for the construction of the Qingdao Korea-China Logistics Center. The event was attended by Lee Hwan-gyun, Commissioner of the Incheon Free Economic Zone Authority, and Yu Chong, Vice Mayor of Qingdao. The memorandum was prepared to strengthen the logistics cooperation base between Incheon and Qingdao, China, and to expand Korea-China trade and international logistics functions, and it is expected to contribute to the future development of the logistics center and related projects.