The settings defined at IFC Local Preferences (File > Interoperability > IFC) affect the way that IFC data are created and managed.
Save Library Parts Generated During Import To
Set the default location of imported Library Parts when opening or merging an IFC project.
Express Data Manager (EDM) path
The EDM (Express Data Manager) toolkit is the engine which creates an ARCHICAD model from the imported IFC model, and which also creates an IFC file out of the exported ARCHICAD model. The default engine is the recommended one, but you can use the Redefine option here to modify it as needed.