Korean consortium wins bid for operation of two major airports in Montenegro

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Korean consortium wins bid for operation of two major airports in Montenegro

Published: 21 Jul. 2025, 14:04 Updated: 21 Jul. 2025, 17:20

Audio report: written by reporters, read by AI

Podgorica Airport in Montenegro [INCHEON INTERNATIONAL AIRPORT CORPORATION]

Incheon International Airport Corporation (IIAC) has clinched the top spot in a high-profile bid to operate two of Montenegro’s major airports, marking a significant push in its global expansion strategy, the IIAC announced Monday.

The 30-year public-private partnership deal will give the Korean consortium, led by the IIAC and the Korea Overseas Infrastructure & Urban Development Corporation (KIND), control over Podgorica Airport in the Montenegrin capital and Tivat Airport, the country’s key tourism gateway.

The competition drew major European airport operators as Montenegro, eyeing European Union accession, moves to upgrade its infrastructure.

Korea’s government threw its weight behind the bid. The Ministry of Land, Infrastructure and Transport, the Ministry of Economy and Finance and the Korean Embassy in Serbia offered diplomatic backing. The Korea Trade-Investment Promotion Agency’s local office, the Korea Development Bank and the Export-Import Bank of Korea, which issued a letter of intent for financial support, also played key roles.

The IIAC said the consortium stood out by offering a plan that balanced operational efficiency with long-term profitability. The proposal met Montenegro’s minimum investment demands while optimizing terminal space and layout, trimming an estimated 100 billion won ($71.8 million) off costs compared to rival offers.

The IIAC expects to finalize the deal by year’s end, pending an objection period for competing bidders.

“We will solidify our position as a global airport operator and accelerate our overseas expansion through this project,” IIAC President Lee Hak-jae said in a statement. “We aim to successfully complete the final contract once designated as the preferred bidder.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY PARK YOUNG-WOO [[email protected]]