Incheon Airport projects most ever travelers next year

Incheon International Airport Corp. announced Wednesday that passenger traffic and operational performance this year have rebounded to prepandemic levels, with the upcoming year projected to set highest-ever records for both international passenger numbers and total revenue. For next year, international passenger traffic is forecast at 73.03 million, with revenue anticipated to hit 2.9 trillion won ($2 billion), according to the corporation.

In line with the anticipated record-breaking traffic, Incheon Airport has strengthened its global presence by securing contracts in 18 countries to date.

"Expanding our global business portfolio is a vital strategy for Incheon Airport's future, and we are actively working to establish partnerships with additional countries, including Kazakhstan and Saudi Arabia." Lee Hag-jae, IIAC's CEO and president, said at a press conference Wednesday.

The corporation’s overseas achievements include managing Manila's main airport in the Philippines, in a deal valued at some 4 trillion won, and engaging in five ongoing projects, in South Africa, Vietnam, Kuwait, Ethiopia and Ecuador.

The airport officially commenced commercial operations for its fourth phase on Dec. 3, positioning itself among the top three megahub airports globally in terms of passenger capacity. Key initiatives include digital transformation, renewable energy infrastructure expansion and achieving milestones in service and customer excellence.

Incheon Airport is also driving economic growth by fostering a robust aviation industry ecosystem.

"We are currently working on developing an MRO (maintenance, repair and overhaul) cluster, expanding cargo terminals and integrating tourism and cultural facilities. These efforts are projected to generate an economic ripple effect of 1.7 trillion won."

The MRO complex, set to begin construction in April, is to feature a cutting-edge aviation industrial cluster, aiming to offer world-class one-stop maintenance services. High-profile projects include Israel’s IAI cargo conversion next year and Atlas Air cargo maintenance in 2026. By localizing outsourced maintenance, the initiative is expected to create over 5,000 jobs.

The corporation plans to modernize operations by integrating domestic airlines following their upcoming merger, expanding smart security lanes and introducing innovative duty-free shopping services.

Additionally, Incheon Airport aims to relaunch the controversial paid "Fast Track" system, previously halted due to concerns about creating inequities among passengers.

The airport's estimated passenger and operational figures for this year are 71.04 million passengers and 413,000 flights, representing 99.8 percent and 102.3 percent of the corresponding 2019 pre-pandemic levels.

This year's revenue is expected to reach 2.5 trillion won, recovering to 92.6 percent of 2.7 trillion won recorded in 2019.