Incheon airport signs Indonesia dealKorea's main airport operator said Sunday it will participate in a 600 billion-won ($530 million) airport development project in Indonesia.
The Incheon International Airport Corp. (IIAC) has formed a consortium with Indonesia's state-run airport operator PT Angkasa Pura 1 (AP1) and local construction firm PT Wijaya Karya Tbk (WIKA) to expand Hang Nadim Batam airport by 2024, the IIAC said in a statement.
"(Incheon airport) will invest a 30 percent stake in the 600 billion-won airport project and operate the airport for 25 years under the deal with the Indonesian government," an IIAC spokesman said over the phone.
The deal is Korea's first overseas airport development and operation deal, he said.
The Batam airport handled 4.5 million passengers in 2019, and eight airlines such as Garuda Indonesia and Ryanair currently offer 23 routes through the airport, the statement said.
The IIAC has received $227 million worth of deals to operate overseas airports and offer consulting services in 15 countries, it said.