CEO VISION
“We are a very technologically advanced airport, for example, and I am sure that many gateways could benefit from our skilled technicians and engineers. Indeed, some already do.”
The planned IPO and sale of up to a 49% stake in Incheon Airport, will only serve to raise the company’s international profile, says Lee. “We want to be a truly global company and it is very hard to be that when we are 100% owned by the government,” he admits. And with the airport operator making an annual net profit of between $300 and $400 million from a turnover exceeding $1.2 billion, the IPO is likely to attract a lot of interest. “We are now one of the best performing state-owned companies and therefore an attractive proposition,” says Lee, who is quick to point out that the sale will not inevitably lead to a drop in service quality at Incheon. “The government will remain the main stakeholder and this will ensure that the high service levels that we are known for today are maintained,” he enthuses. If all goes to plan, the government will sell up to a 15% interest in Incheon Airport during an IPO in the second half of 2011. Adds Lee: “Private investors will provide us with a cash injection that will help us achieve the next step of our
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development, while an international shareholder with global airport experience will add experience and know-how. “We want to export our knowledge and experience overseas and working with an international partner can help us achieve this goal. It might even pave the way for us to enter into an overseas project together.”
There is no denying that the gateway has some grand plans for the next five years, and beyond, but what can Incheon ultimately achieve as an airport? “Incheon seeks to become an airport that passengers worldwide wish to come and visit at least once in their lives, that is vested with the spirit of culture and arts and that is benchmarked all around the world, and where airport employees can enjoy working with pride.
“Our ultimate goal is to make the airport a destination in its own right that people wish to visit whether they are flying or not,” says Lee. “We wish to set the benchmarks that other airports follow by making Incheon the most safe, operationally efficient, convenient, customer friendly and unique gateway on the planet in terms of its art and cultural attractions. “We will do our very best to realise this vision by making a great impression and providing superb services that are beyond customers’ expectations.”
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