South Korea’s Incheon International Airport Corp. announced that it has embarked on the fourth stage expansion in the country’s main gateway with an investment of 4.2 trillion won ($3.72 billion) as it broke grounds for the fourth runway on Thursday.
When the fourth runway is completed by 2023 as planned, the airport will be able to service 100 flights per hour, up from current 90. The airport that began service in 2001 has been expanded gradually with the opening of a concourse in 2008 (2nd stage) and the second terminal in 2018 (3rd stage).
The airport operator aims to build the fourth runway and expand the second terminal and mooring facilities during the 4th stage development.
The state-run airport that now handles 72 million passengers a year will be able to service 100 million passengers when the 4th upgrade is finished by 2023, which would make it the world’s third largest airport followed by Dubai Airport capable of handling 120 million people and Amsterdam Schiphol Airport with 110 million.
The IIAC expects the expansion project would create 50,000 new jobs and contribute 11 trillion won in economic benefit to the country.
By Ji Hong-gu and Choi Mira