JEJU-DO < invest Korea

According to Yonhap News,

(SEJONG=Yonhap News) A project to build the second airport in Jeju Island has finally been approved by passing the preliminary feasibility study.

In the evaluation conducted by the Ministry of Land, Infrastructure and Transport, benefit-cost ratio of the project was assessed as 1.23, rate considered as economically feasible.

In the analytic hierarchy process (AHP) evaluation, which factors in economic analysis, policy analysis, and balanced regional development, the project received 0.664, higher than standard score needed for project approval.

Jeju's second airport will be built in Seongsan-eup in Seogwipo City on the 4,958,678 square meters of land with a runway, a mooring station and a passenger terminal for domestic and international flights.

The Ministry of Land, Infrastructure and Transport plans to commence the construction project in January next year after preparation.

After completing architectural design between 2018~2019 and breaking ground in 2020, construction work will be carried out during 2021 and 2024.

If the project goes as planned, the new airport will open in 2025 after test run.

The cost of the project was set at KRW 4.87 trillion, slightly up from the original estimate of KRW 4.9 trillion.

The government has decided to build the second airport in the resort island to expand its airport infrastructure as demand surged in the airport due to the growth of low-cost airlines (LCC) and increasing number of Chinese tourists after the implementation of visa-free entry in 2012.

According to an aviation demand survey, the number for passengers traveling via Jeju airport is expected to grow at an annual average of 4.4 percent, from 20.6 million in 2013 to 23.09 million in 2015, followed by 32.1 million in 2020 and 44.24 million in 2030, raising concerns about airport congestion.

bryoon@yna.co.kr

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