Incheon International Airport Corp. has won a 600 billion won project to operate and develop Hang Nadim International Airport in Indonesia for 25 years starting next year. It is the largest-ever overseas project the corporation has landed so far.
Incheon International Airport Corp. struck a deal to operate and develop an airport in Batam, Riau Islands, with Batam Indonesia Free Zone Authority (BIFZA) on Dec. 21.
Among those on hand at the signing ceremony were President Kim Kyung-wook of Incheon International Airport Corp., Airlangga Hartarto, Indonesian coordinating minister for economic affairs, and President Muhammad Rudi, Batam Indonesia Free Zone Authority.
The project, to be undertaken for 25 years, will cost 600 billion won. It will be the largest-ever overseas project, to be executed by IIAC, which is expected to earn a combined 6.4 trillion won in sales during the period between 2022 and 2047.
An outside views of Hang Nadim International Airport in Batam, Riau Islands, Indonesia. (Photos: IIAC)
IIAC defeated other airport operators such as Flughafen Zurich AG, French EGIS and India’s GMR.in a bidding. On March 19, IIAC was selected as a preferred bidder by Batam Indonesia Free Zone Authority (BIFZA).
Hang Nadim International Airport is located in Batam, the largest city in the province of Riau Islands, located 1,150 kin) north of Jakarta.
The Hang Nadim International Airport has a passenger terminal, a cargo terminal and a runway. The airport handled 4.54 million passengers and 44,000 metric tons of cargo as of 2019.
The deal calls for IIAC to be charged with the operation and maintenance of the airport for next 25 years.
IIAC will be responsible for renewing the existing first passenger terminal and constructing a second passenger terminal with the goal of raising passenger capacity to 25 million people by 2040.
IIAC will jointly establish a special purpose company with its business partners — operator PT Angkasa Pura 1 (AP1) and local construction firm PT Wijaya Karya Tbk (WIKA).
IIAC will begin the operation of the airport next June after obtaining a license and establishing a plan to operate it.
IIAC President Kim said, “We’ll conduct our utmost to successfully implement the Batam airport project in Indonesia, the nation’s first overseas airport one.”
IIAC will expand its overseas business to Southeast Asia, Eastern Europe, the Middle East and Central Asia down the road and implement the K-Airport of exporting in cooperation of Korean companies, contributing to reinvigorating the national economy, he added.
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