On November 23, 2007 (Friday), Incheon Free Economic Zone (IFEZ) signed a memorandum of understanding with IBM and Gachon Gil University for the development of the Bio Research Complex in Songdo International City. The agreement was arranged to foster Songdo International City as a hub for bio research and development and to promote the phased creation of a research complex combining biotechnology and information technology. The related institutions planned to build a multifunctional complex integrating research facilities and business support functions.