Posted by
alfredlester on Monday, June 29, 2009 10:48:45 AM
SEOUL &S212; South Korea plans to invest 4 trillion won by 2015 to expand Incheon International Airport, the country&S217;s Land Ministry said Monday.
The $3.11 billion project reflects South Korea&S217;s eagerness to increase government and private spending on construction and other projects to help offset sluggish local consumption and exports, which have weighed on the economy.
Incheon, the main South Korean international airport, was voted the best in the world for 2009 in an annual survey conducted by the British consulting firm Skytrax. The airport competes for North Asian traffic with airports in Hong Kong, China and Japan, where expansions and upgrades are also planned.
At Incheon, the government plans to add a second passenger terminal and expand its existing cargo terminal and other infrastructure, the Land Ministry said in a statement.
Upon completion, Incheon will be able to handle 62 million passengers and 5.8 million tons of cargo a year, up from the current capacity of 44 million passengers and 4.5 million tons.
Construction will begin in 2011, with completion planned for 2015, but the schedule could change, depending on air travel demand, the ministry said.
South Korea to Spend $3 Billion on Airport
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