On Monday, August 27, 2007, the Incheon Free Economic Zone (IFEZ), Purdue University of the United States, and Gyeongsang National University signed a memorandum of understanding for the establishment of the International Institute for Applied Biological Resources within the biomedical hub of the Incheon Free Economic Zone. Under the agreement, the parties plan to establish an applied research institute aimed at building a top-level bio hub in Northeast Asia, while also promoting the establishment and attraction of domestic and overseas research institutes and research and development centers of leading bio-pharmaceutical companies, as well as technology transfer and commercialization.