South Korea Covets Trade, Traffic
South Korea plans to invest $3.1 billion by 2015 to expand Incheon International Airport, the country's land ministry says.
In a statement released this week, the ministry said the aim of the project is to turn Seoul’s Incheon into a hub for Northeast Asia. Incheon currently competes for cargo and passenger traffic with airports in neighboring countries including Hong Kong’s Chek Lap Kok and Shanghai’s Pudong International.
Plans call for the South Korean government to expand Incheon’s existing cargo terminal and other infrastructure, according to the Ministry of Land, Transport and Maritime Affairs.
Work on the project is expected to begin in 2011 with completion set for 2015. After its completion, Incheon will be able to accommodate 5.8 million tonnes of cargo annually, up from 4.5 million tonnes.
Incheon, which was opened in 2001 and was recently voted the world’s best airport, serves as the main hub for Korean Air. The South Korean government hopes this project and others will counter the slump in exports that have hit Asia's fourth-largest economy. The project could also generate some 80,000 jobs.
