Busan: The government plans to reopen bidding within the year for a project to build a new international airport in South Korea's southeastern port city of Busan, the transport ministry said Friday, months after Hyundai Engineering and Construction (E and C) Co. exited the project due to deadline restraints.
According to Yonhap News Agency, the government decided to launch the project in 2022 to construct a new airport on Busan's Gadeok Island to handle the growing air traffic demand in the region. The new airport had been slated to open in 2035. However, in May, Hyundai E and C, initially selected to manage the project, withdrew due to challenges in meeting the reduced timeline, which compromised the airport's safety.
Under the government's revised plan, the construction period for the project has been extended to 106 months, longer than the original timeline of 85 months. Additionally, the estimated cost has been increased to 10.7 trillion won (US$7.26 billion) to accommodate inflation. The Gadeokdo New Airport Construction Corp. will oversee the entire project, from tender to completion, with an emphasis on reinforcing safety checks and implementing a comprehensive program management system, as per the Ministry of Land, Infrastructure and Transport.
The government aims to commence construction in the second half of 2026, targeting the airport's opening by 2035, provided the schedule remains on track. Minister Kim Yun-duk emphasized the necessity of building an airport that serves as a true gateway, capable of fully accommodating passenger and cargo demands while promoting national and regional balance.
"The government will work closely with experts, contractors and local authorities to ensure the project moves forward as swiftly as possible," Kim stated.