AIRPORT REPORT: INCHEON
Africa and Latin America, which I am sure are regions that could benefit from our knowledge and expertise.” Lee notes that the IPO may also present IIAC with the possibility of
exchanging shares with the winning bidder, in a similar way to which ADP recently acquired an 8% stake in the Schiphol Group and vice versa. “We are ruling nothing out,” he comments. The IPO and the addition of a new international partner or even
partners certainly fit in nicely with the airport’s Global IIAC 2015 vision to become more of a global operator over the next four years. The plan hinges around IIAC becoming a leading global operator,
and the addition of a second capacity enhancing terminal, to ensure that it maintains its reputation as one of the world’s most operationally efficient and user-friendly gateways. The new $1.4 billion terminal will be located at the northern end of
the airfield and boast an initial capacity of 18 million passengers per annum when it opens in 2015. The contract to design Terminal 2 is currently out to tender with a
host of big names bidding for the contract. The airport already has planning permission from the
government to build the terminal and started foundation work on the complex last year. Full construction is expected to begin in 2012 and, when complete,
Terminal 2 is expected to be about 70% of the size of the existing one-kilometre long main terminal building. Terminal 2 will initially raise Incheon’s capacity to 62mppa, but with
further expansion in the years ahead could ultimately equip the airport to accommodate in excess of 100mppa. Other major projects of the $4.1 billion third phase expansion of Incheon International Airport include the addition of a new cargo and logistics terminal.
IIAC will 100% fund the infrastructure development programme and
Lee insists that the company’s triple AAA rating ensures that it can get a better rate for any bond issue than most Korean banks. As if to prove the point that IIAC is now firmly focused on the global
market, Lee admits that IIAC is currently in negotiations with “two or three international airports” in the Asia-Pacific region about the possibility of acquiring an equity stake in them. And in February, IIAC stablished a joint venture with the HNA Airport
Group, the fourth biggest airport operator in China. As a result of the deal, IIAC will provide consulting and operating
services to subsidiaries Haikou, Sanya and Lanzhou airports from March. “Incheon Airport is now a strong and powerful brand and our
success in the ASQ awards has certainly proved instrumental in helping us reach a global audience,” says Lee. In terms of traffic development, 2010 was a good year for Incheon
with passenger numbers hitting 33.48 million (+17.5%) and cargo exceeding 2.68 million tonnes (+16%) cementing Incheon’s status as the region’s second busiest freight gateway after Hong Kong. Lee predicts that passenger numbers, boosted by an ever-increasing
number of Chinese nationals transiting through Incheon, should ensure another healthy increase in throughput this year. Incheon will mark its 10th anniversary with a series of official,
cultural and business events that include hosting Routes Asia in March and an August 26 music festival where up to 10,000 people are expected to descend on the gateway to hear Korean opera singer Sumi Jo and others. It seems as if something is always happening at Incheon and
2011 promises to be no exception. Don’t blink or you’re bound to miss something!
AIRPORT WORLD/FEBRUARY-MARCH 2011 AW 25
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