On December 21, 2021 (Tuesday), IFEZ signed a Memorandum of Understanding for Mutual Cooperation with the Construction Development Center (CDC), a Mongolian state agency. Regarding Mongolia's development of the "Cushing Valley Satellite City," it will share its experience and know-how in operating the Incheon Free Economic Zone (IFEZ) and jointly strive to overhaul legislation related to special economic zones in the future, investigate urban development feasibility, and establish a master plan.