IIAC to Build ‘2nd and 3rd Incheon International Airport’ in Uzbekistan

President Lee Hag-jae of Incheon International Airport Corp. (IIAC) poses with President Omar N. Al-Midani of Vision Invest after they struck a contract on the operational service of Tashkent Airport in Uzbekistan on Oct. 14. (Photos: IIAC)

Incheon International Airport Corp. (IIAC) will transfer its experiences operating a new airport to Tashkent Airport in Uzbekistan.

IIAC also plans to build and operate a new airport in Urgench in the Central Asian country.

IIAC struck a contract on the operational service of Tashkent Airport with Vision Invest, the manager of the Tashkent new airport development project, on Oct. 14. The value of the contract was worth 34.8 billion won.

Vision Invest, a Saudi Arabian infrastructure investment company, is implementing a large-sized infrastructure development project to build a new airport in Tashkent, capable of accommodating 54 million passengers at a cost of 4.7 trillion won.

Under the agreement, IIAC will offer consulting services related to the construction of the new Tashkent Airport and overall operation.

IIAC plans to transfer its operational knowhow ranging from the construction of Incheon International Airport and operational safety to security, passenger service and IT system construction.

Apart from the signing of the deal on operational services, IIAC plans to make equity investments in the new Tashkent Airport development projects through future consultations with the manager and expand its participation in mid- and long-term projects by seeking to establish a subsidiary to run the airport.

On Oct. 15, one day after the contract on operational services of Tashkent Airport, IIAC also signed a contract on the Urgench Airport development and operation project with Uzbekistan Airports.

A bird’s eye-view of the planned new Tashkent Airport.

The Urgench Airport development and operation project calls for the establishment of a passenger terminal with an annual capacity of 3 million people and a cargo terminal.

The Korean side will invest a combined 196.4 billion won – 98.2 billion won by IIAC and 98.2 billion won by KIND.

If and when the new airport is dedicated, IIAC will have the 100 percent right to operate Urgench Airport for 19 years following construction.

IIAC President Lee Hag-jae said, “Uzbekistan is a future transportation hub of Central Asia and major strategic district with high growth potential, and IIC plans to build and operate a ‘2nd and 3rd Incheon International Airport’ in Central Asia by implementing the new Tashkent and Urgench airport projects.”

IIAC plans to expand K-airport technology export to the global stage by seeking to operate at least 10 overseas airports by 2020, based on the expertise the corporation has accumulated while building and operating Incheon International Airport, President Lee said.

Starting with a project to offer operation support to the new Erbil International Airport in Iraq in 2009, IIAC has landed 39 projects in 18 countries. Cumulative winning order amounts stood at $423.99 million.