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.
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.
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.
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.