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.
