On Monday, January 19, 2009, IFEZ signed a memorandum of understanding with Seoul National University and Korea Advanced Institute of Science and Technology (KAIST) for the International BIT Port development project in Cheongna International City. The project will create a convergence cluster for research, education, and industry-academia cooperation on a site of about 660,000 square meters, integrating biotechnology (BT), information technology (IT), nanotechnology (NT), environmental technology, and energy technology, with education facilities, research complexes, and industrialization support facilities to be developed.