SEOUL, Nov. 30 (Korea Bizwire) — The government plans to establish a public corporation in April tasked with constructing an international airport on Gadeok Island in South Korea’s southeastern port city of Busan, according to officials Thursday.
The transportation ministry said it will issue an advance notice of the legislation and related enforcement ordinance for the establishment of Gadeok Island New Airport Construction Corp. for a period of one month from Friday.
The corporation, to be launched on April 25 in line with the enactment date of the law, will be responsible for the project, including development of the site, runways and passenger terminals.
Once established, the company will take over the responsibilities of the airport project currently being handled by the transportation ministry.
Kim Jeong-hee, head of the ministry’s Gaedeok Island airport team, said the government will finalize the establishment of the corporation by the end of April and proceed with the construction without interruption.
According to the ministry’s plan announced in April 2022, the facility will be an offshore airport, which is to be built on a floating structure at sea, and it will require a budget of 13.7 trillion won (US$10.64 billion).