On March 24, 2010 (Wednesday), Incheon Metropolitan City and the Incheon Free Economic Zone (IFEZ) signed a memorandum of understanding with IMC, Cordish, and IUDC for the construction of an international hospital in Songdo International City and project implementation. The agreement was intended to move forward with the hospital project in the international business district of Songdo International City and to lay the groundwork for introducing a foreign medical institution. The hospital is expected to contribute to the provision of advanced medical services and improvement of settlement conditions for foreign residents, while the related project will be carried out in phases in connection with the development of revenue-generating sites.