South Korea will invest 4.84 trillion won (US$4.2 billion) to expand capacity of Incheon International Airport by 2024 to meet rapidly rising travel demand, news agency Yonhap reported
quoting an announcement by South Korea's Ministry of Land, Infrastructure and Transport.
The investment will take place in stages over the next five years and includes the construction of a fourth runway and expansion of the second passenger terminal and other facilities.
"In recent years, an increased number of low-cost carriers have joined full-service carriers to absorb soaring demand on domestic and international routes. The number of passengers who use
Incheon airport is expected to reach over 100 million in 2030," the statement said.
When completed, Incheon airport will be able to manage 106 million passengers a year with two terminals that separately accommodate over 50 million passengers each.
Korean Air Lines and three foreign carriers - Delta Air Lines, Air France and KLM - currently serve passengers in the second terminal. Asiana Airlines and 85 other airlines use the first terminal.
The country has two full-service carriers - Korean Air and Asiana Airlines - and seven low-cost carriers - Jeju Air, Jin Air, Air Busan, Air Seoul Inc., Eastar Jet, T'way Air Co. and Fly Gangwon.
Last month, DHL Express announced a KRW175 billion (US$145 million) expansion plan of its Gateway facilities, located next to Incheon International Airport. The multi-year investment is expected
to further support demand growth up to 2032. The expanded facility will have a gross floor area of 58,700 square metres from the current 20,000 square metres - an increase of almost 200%.
It will also be equipped with the latest technology for faster, more secure and efficient delivery handling processes, including fully automated X-ray inspection machines, a four-kilometre conveyor belt, automated sorters, magnetic speed controllers and full CCTV coverage. The new technology will increase the Incheon Gateway’s total handling volume of parcels and documents by almost 160%.
When completed in Q2 2022, the Incheon Gateway will be DHL Express’s largest gateway in Asia Pacific, DHL said in a statement.
Nol van Fenema
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