On Monday, April 25, 2016, IFEZ signed a memorandum of understanding on development and investment cooperation with Bohai New Area of Cangzhou, Hebei Province, China. The agreement was promoted to establish a foundation for urban development and investment cooperation between the two sides. Bohai New Area of Cangzhou expressed its intention to pursue urban development by applying the smart city system of the Incheon Free Economic Zone Authority. Through this agreement, both sides planned to share urban development experience and investment cooperation measures and to expand their cooperative relationship continuously.