Incheon Metropolitan City Mayor Ahn Sang-soo held a signing ceremony for the joint promotion agreement (JVA) for the establishment of PH Korea, a corporation promoting the Songdo New Port construction project to become a hub port in Northeast Asia, at Lotte Hotel in Sogong-dong, Seoul on March 7, 2005. The PH Port consortium and nine Korean builders will operate PH Korea through capital payments of $25 million on three more occasions through the signing of the agreement.