Korea's Incheon Airport embarks on almost $6b expansion
SEOUL (REUTERS) - South Korea's Incheon Airport has begun a US$4.6 billion (S$5.75 billion) expansion to increase its passenger handling capacity by 41 per cent by 2017 to better compete in an Asian race to become a regional hub.
Incheon joins rivals such as Singapore Changi Airport who are expanding to capitalise on increased traffic in Asia. Incheon is also looking to accommodate an influx of people arriving for the 2018 Winter Olympic Games in South Korea's Pyeongchang county.
Incheon, which ranks ninth in international passenger traffic and second in cargo, on Thursday held a groundbreaking ceremony for a second terminal capable of accommodating 18 million passengers a year, bringing total capacity to 62 million.
The expansion includes boosting annual cargo capacity to 5.8 million tonnes from 4.5 million.