Incheon Airport wins 6.9 trillion won Uzbekistan airport project
Incheon International Airport Corporation secured its largest overseas project to date, to build and help operate a new Tashkent airport opening in 2031.
A render of the passenger terminal at the planned Tashkent Airport released on Aug. 4INCHEON INTERNATIONAL AIRPORT CORPORATION
Incheon International Airport Corporation (IIAC) has won a 6.9 trillion won ($4.83 billion) contract to develop a new international airport in Tashkent, Uzbekistan, according to the corporation on Tuesday.
The New Tashkent International Airport Development and Operation Project marks the largest overseas project in the corporation's history. The deal also secures a long-term source of dividend income, as IIAC will participate in operating the new airport for the next 35 years.
The corporation signed a concession agreement and a government support agreement with the Uzbek government on Wednesday.
The project is a public-private partnership airport development project proposed by Vision Invest, a Saudi Arabian infrastructure investment company. A global private consortium consisting of: Vision Invest; Sojitz, a Japanese general trading company; IIAC; Korea Overseas Infrastructure & Urban Development Corporation; and Uzbekistan Airports, will build and operate the new airport for 35 years from 2027, including four years of construction and 31 years of operations.
IIAC will participate in the consortium as the airport operator with a 7.5 percent stake. Combined with the stake held by the Korea Overseas Infrastructure & Urban Development Corporation, the Korean side will hold a combined 15 percent stake.
In addition, IIAC will participate in the construction of key facilities, such as the passenger terminal and parking facilities. Once the airport opens, the corporation will oversee airport operations, such as facility maintenance and technical support.
The project follows IIAC's award of the Urgench International Airport operation and development project last year. The newest contract puts the corporation in charge of two major airport projects in Uzbekistan.
Incheon International Airport's Terminal 2 is packed with travelers on July 7.NEWS1
IIAC plans to develop the new Tashkent Airport into a regional aviation hub for Central Asia by introducing AI-based smart services to expand commercial facilities and increase flight routes.
Uzbekistan's air passenger market has been growing rapidly. The country handled 13.5 million air passengers last year, boasting average annual growth of 44.6 percent over the past three years. Tashkent International Airport handled 9.8 million passengers, which was 64.6 percent of the total air travelers in the country. Operations at the existing airport will cease once the new airport opens in 2031.
In addition to dividend income from operating the airport, IIAC has secured about 34.8 billion won in airport operation consulting revenue over the next five years.
The Korean government also supported the project. The Ministry of Land, Infrastructure and Transport established cooperation channels with the Uzbek government and supported high-level meetings and working-level consultations. Policy lenders, such as the state-run Export-Import Bank of Korea, also helped arrange financing.
Aircraft are seen parked on the tarmac at Incheon International Airport on June 16.YONHAP
The global consortium plans to complete financing agreements and regulatory approvals within this year before beginning construction early next year. IIAC also plans to establish a local project subsidiary in Tashkent in the second half of this year.
“The contract demonstrates international recognition of the corporation's capabilities in both airport construction and operations,” Kim Bum-ho, acting president of IIAC, said. “We will continue expanding our overseas airport business into Central Asia and the Middle East while actively supporting the overseas expansion of Korean companies.”
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
