South Korea’s Incheon Airport to invest $3.72bn in fourth runway to meet increasing air travel demands. Credit: Kanchi1979.

South Korea’s Incheon International Airport Corp (IIAC) has started construction on the KRW4.2trn ($3.72bn) fourth runway at Incheon Airport.

The latest investment in the fourth stage expansion will enable the Korean airport to support its growth plan and meet the increasing demand for air travel in the country, reported pulsenews.co.kr.

Go deeper with GlobalData

Go deeper with GlobalData

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

IIAC said that investment forms part of the fourth stage expansion of the airport. It will also cover expansion of the second terminal, mooring and commuting facilities.

Once the fourth runway becomes operational by 2023, the airport will be able to manage 100 aircraft movements an hour, according to the publication.

The facility was built to replace Gimpo International Airport. It has been steadily increasing its facilities and capacities. Under the second stage of expansion, IIAC launched a new concourse in 2008, while a second terminal was constructed in 2018 as part of the third stage expansion plan.

“The airport will be able to manage 100 aircraft movements an hour.”

Currently, Incheon Airport manages 72 million passengers per annum. The airport will be able to welcome approximately 100 million travellers when the fourth stage of expansion is complete.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

The state-controlled airport operator noted that the expansion project will create 50,000 new jobs and contribute KRW11tn ($9.79bn) in economic benefit to South Korea.

The Incheon Airport officially started operations in 2001, five years after the start of construction on the terminal building.

According to the airport’s official website, the Incheon Airport is the world’s third busiest international cargo handler, with plans being finalised to increase its annual freight volume to three million tonnes by 2020.

Incheon hosts 90 airlines, serving 186 destinations worldwide.

Airport Technology Excellence Awards - Nominations Closed

Nominations are now closed for the Airport Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact.

Excellence in Action
HID has won the Biometric Gate Innovation Award for its BG100 Speedgate a next generation eGate combining HID® Facepod™ with ASSA ABLOY’s Speedgate. Discover how HID is redefining airport passenger processing with faster, contactless and secure biometric journeys from curb to gate.

Discover the Impact