New Gadeok airport to open in 2029, generate $22 bil. in economic effects


A new airport on Busan’s Gadeok Island will open by the end of 2029 and is projected to generate an economic impact of nearly 29 trillion won ($22 billion), according to the Ministry of Land, Infrastructure and Transport, Tuesday.

The airport planned in southwestern Busan is expected to contribute over 18 trillion won of the anticipated economic impact to the city, while 11 trillion won is projected to strengthen the economy of the broader regions of the Gyeongsang Provinces, according to the authority’s latest plan on the airport.

In addition to the economic impact, the airport, along with a new large-scale logistics depot planned next to it, is expected to generate an added-value effect of 11.8 trillion won. Sixty-six percent of this value will benefit the city, while the remaining 34 percent will contribute to the surrounding areas.
The new airport is expected to create over 116,000 new jobs, with more than 73,000 of them being generated within the country’s largest port city, as predicted by the authority.

“To foster Busan as the pivotal hub of the southern region and indisputably the second-largest city of Korea, the ‘Global Hub City Special Act’ will be enacted,” President Yoon Suk Yeol said in a townhall meeting hosted by the Presidential Committee for Decentralization and Balanced Development at Busan City Hall.

“Besides improving the existing local ports and railways in the city, opening the new airport by 2029 is an essential requirement for realizing the city’s role as a global hub.”

Minister of Land, Infrastructure and Transport Park Sang-woo said at the meeting that individuals in Busan with long-distance flight plans to destinations in North America or Europe have had to endure travel times exceeding four hours on the KTX and city subways to reach Incheon International Airport.

“But the new Gadeok airport being just a one-hour drive away from Busan City Hall will significantly enhance travel convenience for individuals in Busan flying on international routes,” he said.Source: Korea Times


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