SEOUL, June 29 — South Korea plans to invest 4 trillion won (RM10.9 billion) by 2015 to expand Incheon International Airport, the country's Land Ministry said today.
South Korea is eager to boost government and private spending in construction and other large-scale projects to help offset sluggish local consumption and exports that have weighed on Asia's fourth-largest economy.
Incheon, the country's main international airport, was voted the best in the world for 2009 in an annual survey conducted by British consultancy Skytrax. The airport competes for North Asian passenger and cargo traffic with rival 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 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 targeted for 2015, but the schedule could change depending on air travel demand, the ministry said. — Reuters
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