The Incheon Free Economic Zone (IFEZ) Authority announced on February 23 that it had signed a memorandum of understanding with the Construction Development Center (CDC) of Mongolia, a state agency under the Mongolian Ministry of Construction and Urban Development, on the development of Cushing Valley in Mongolia.

The MoU was signed during the first kick-off meeting between the two parties at Tower G of Songdo International City. At the signing ceremony, officials from both sides were present, including IFEZ Authority Commissioner Lee Won-jae and Zolboo Enkhtuvshin, Mongolian Deputy Minister of Construction and Urban Development.

The latest MoU is a joint implementation plan of the previous MoU, which was signed late last year to promote joint efforts to share the experience and know-how of IFEZ in the operation of special economic zones, revise legislation relating to future economic zones, undertake related feasibility studies and establish master plans.

The Joint Execution Plan Memorandum of Understanding calls for both parties to appoint dedicated teams and hold formal meetings twice a year to jointly complete and implement a project plan for the development of Cushing Valley Satellite City. .

At the meeting, officials discussed details of future actions, such as presenting a Cushing Valley Development Plan and Cushing Valley New Town planning.