The Ministry of Transportation and Communications (MOTC) of Taiwan is planning to invest TWD300bn ($10bn) to transform Taoyuan International Airport into an air transport hub for the Asia-Pacific region.
The work comes as part of MOTC's Taoyuan Aerotropolis project, for which the Taiwanese government is planning to invest around TWD$1.2 trillion ($40bn) by 2020.
Completion of the project will help to create a northeast Asia economic circle by connecting Taiwan with Europe, the Middle East and Asia-Pacific countries.
The project involves construction of a third terminal and runway, work on which is expected to begin in 2015 and finish in 2018.
Following completion, the airport will boast a new 4,000m runway, as well as an overall airport area of 1,994ha, expanded from the current 1,249ha.
The new upgrade will also include an improved first terminal, work on which is currently underway and is expected to be completed in two months under the first stage of the airport's development programme, which began in 2009.
According to MOTC, completion of the third runway by 2020 will allow the airport to handle 43 million passengers every year, which is 1.4 times its current capacity.
Image: Taoyuan International Airport handled 24.94 million passengers in 2011. Photo: courtesy of Taiwan Taoyuan International Airport.