SEOUL, April 1 (Korea Bizwire) — South Korea’s airport authorities said Wednesday they will reduce rental fees by up to 50 percent for airport duty-free shops hit hard by the spread of coronavirus outbreak.
Incheon International Airport Corp., the operator of Incheon International Airport, said it will cut rental fees for duty-free shops, banks, restaurants and other businesses in the country’s main airport.
The move is the latest in a series of efforts by South Korea to try to minimize the economic impact of COVID-19 at a time when Incheon International Airport is nearly deserted amid a sharp decline in air travel demand.
South Korean airlines have suspended most of their flights on international routes as an increasing number of countries have closed their borders to contain the COVID-19 pandemic.
On Wednesday, South Korea began to place all new arrivals in self-quarantine for two weeks. Visitors without local addresses are required to stay in government-designated facilities at their own expense.
The reduction rate for businesses operated by individuals or small companies will be doubled from the existing 25 percent, while businesses run by conglomerates will benefit from a 20 percent reduction in the fees, according to Incheon International Airport Corp.
The government plans to continue to cut the fees for the airport-based businesses for up to six months.
Korea Airports Corp., which operates the country’s 14 other airports, also said Wednesday it is in talks with the government over rental fee reductions for businesses in their terminals.