At 8:40 a.m. on September 20 at the Sheraton Hotel in Singapore, a Memorandum of Understanding was signed by the Busan Metropolitan City Government, IE Singapore and the Busan-Jinhae Free Economic Zone Authority. The signing party consisted of : Commissioner Chang Soo- Man of the Busan-Jinhae Free Economic Zone Authority, Busan Mayor Mr.Hur Nam-sik, and IE Singapore CEO Mr. Lee Yi Shyan. The MOU's main contents stated that Busan Authority would agree to provide IE Singapore with all necessary information on feasible business opportunities in Busan as well as necessary assistance in establishing Singapore companies within the Busan area. Such support would come in the form of subsidized office rental and other incentives.