Tashkent/Urgench, Uzbekistan — Incheon International Airport Corporation (IIAC), the operator of South Korea’s main gateway, is aggressively expanding its global presence, securing major contracts to develop and operate two key airports in Uzbekistan: the new Tashkent International Airport and the Urgench International Airport. This move is part of IIAC's strategy to establish "second and third Incheon Airports" in Central Asia, a region with high potential to become a major transportation hub.
The corporation, renowned for its world-class construction and operational expertise, is poised to inject its 'K-Airport' know-how into Uzbekistan's burgeoning aviation sector.
Securing Dual Contracts: Tashkent and Urgench
IIAC recently finalized a significant Operating Service Agreement for the new Tashkent International Airport development project. The contract, valued at 34.8 billion KRW (approximately $25.5 million USD), was signed on October 14 with Vision Invest, a Saudi Arabian infrastructure investment firm leading the project.
Vision Invest is currently spearheading the massive 4.7 trillion KRW ($3.45 billion USD) project to construct a new airport in Tashkent capable of accommodating 54 million passengers annually. Under the agreement, IIAC will provide comprehensive consulting services covering the entire spectrum of airport construction and operation, including safety, security, passenger services, and advanced IT system deployment. Furthermore, IIAC plans to explore potential long-term engagement, including equity investment in the Tashkent project and the establishment of a dedicated operating subsidiary.
Following the Tashkent deal, IIAC immediately secured a pivotal agreement for the Urgench Airport Development and Operation Project on October 15 with Uzbekistan Airports. This venture involves a total investment of 196.4 billion KRW ($144 million USD), split equally between IIAC and the Korea Overseas Infrastructure & Urban Development Corporation (KIND). The project focuses on building a new passenger terminal and a cargo terminal capable of handling 3 million passengers per year. Crucially, IIAC will secure a 100% operational stake in the Urgench Airport for 19 years following the completion of construction.
K-Airport Exports: A Strategic Push into Central Asia
IIAC President Lee Hak-jae emphasized the strategic importance of this venture, calling Uzbekistan a "critical region with high growth potential to become a Central Asian transportation hub." The corporation intends to leverage its accumulated experience to effectively construct and operate these major Uzbek airports.
Since commencing its first overseas project in 2009 with the Iraq Erbil New Airport operation support, IIAC has successfully secured 39 projects across 18 countries, totaling $423.99 million USD in accumulated revenue.
With these contracts, the IIAC has solidified its commitment to expanding its global footprint. The corporation has set an ambitious goal to operate a minimum of 10 overseas airports by 2030, extending the reach of the "K-Airport" brand across the world. The successful execution of the Tashkent and Urgench projects will serve as a crucial launching pad for IIAC's sustained growth and influence in the global aviation market.
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