Incheon International Airport Corporation’s 7 Trillion Won Uzbekistan Airport Development Project Gains Momentum; Presidential Support Confirmed

[Financial News] The Uzbekistan airport development projects, in which Incheon International Airport Corporation is participating and whose total cost is in the 7 trillion won range, are expected to accelerate with support from the Uzbek government. The corporation is involved in the development of Tashkent New Airport and Urgench Airport and plans to establish a local office early next year. Its strategy is to expand its overseas business base by taking charge of long-term airport operations after construction and to promote the joint entry of Korean companies into the market.
Incheon International Airport Corporation said on the 18th that it had met with Uzbekistan President Shavkat Mirziyoyev, who was visiting South Korea, to discuss plans for local airport development projects and ways to cooperate.
The meeting took place on the 15th at The Shilla Seoul’s Yeongbingwan as part of the Korea-Uzbekistan Business Forum held during the Korea-Central Asia Summit. Kim Beom-ho, acting president of the corporation, attended and explained the direction of the Tashkent New Airport and Urgench Airport development projects.
President Mirziyoyev called for the two airport development projects to proceed without disruption and expressed the government’s willingness to provide support. Kim, the acting president, replied that he would work to ensure the projects’ successful implementation based on the experience accumulated through the construction and operation of Incheon International Airport.
President Mirziyoyev asked the corporation to take the lead in the projects, including by establishing a local office in Tashkent. He also proposed creating an Airport Industry Capacity Center to support the digital transformation of Uzbekistan’s airports and the training of aviation professionals.
The corporation plans to establish an office in Tashkent early next year to oversee local airport development projects. The creation of the Airport Industry Capacity Center will be considered from a long-term perspective.
The total project cost for Tashkent New Airport is 6.9 trillion won. Construction is scheduled to begin early next year, with the airport set to open in 2031. The corporation will participate as the airport operator with a 7.5% stake and plans to take exclusive responsibility for operating the airport for 31 years after its opening.
The Urgench Airport development project is valued at 196.4 billion won. It is the corporation’s first overseas project in which it has secured 100% of the terminal operating rights. Team Korea, comprising Korean companies including Bomi Engineering, Heerim Architects, and Samsung C&T, will carry out the construction over three years. After the airport opens in 2029, the corporation will operate the terminal for 19 years.
The two projects are expected to expand the corporation’s overseas business base because they will lead from airport development to long-term operations. Having confirmed the Uzbek government’s willingness to provide support during the meeting, the corporation expects the local projects to gain further momentum.
Kim Beom-ho, acting president of the corporation, said, "Having confirmed the Uzbek government’s strong trust and willingness to provide support through our meeting with the president of Uzbekistan, we plan to accelerate the two airport development projects currently underway in the country."
He added, "Building on the airport construction and operating capabilities we have accumulated since the opening of Incheon International Airport, we will successfully carry out overseas airport development projects and expand the joint entry of Korean companies, thereby contributing to the development of Korea’s aviation industry and the growth of the national economy."
Meanwhile, the corporation has won 46 overseas projects in 18 countries around the world since launching an operations-support project at Erbil International Airport in Iraq in 2009. Its cumulative contract value stands at $619.53 million.
[email protected] Kim Dong-ho Reporter