On January 30, 2007 (Tuesday) IFEZ signed a memorandum of understanding with POSCO Global to promote the construction of the POSCO Global R&D Center in Districts 5 and 7 of Songdo International City. The memorandum was intended to establish a global research hub integrating research and development functions and support facilities. By 2009, POSCO Global plans to build an R&D center, research buildings, and residential facilities in phases in Songdo International City. POSCO Global is a company pursuing global business based on research and development capabilities in the steel and materials sectors.