Incheon International Airport accelerates global expansion with Urgench Airport project

For the first time since its opening, Incheon International Airport is entering the Central Asian airport development and operation market.

On April 22, Incheon International Airport Corporation (CEO: Hag-Jae Lee) announced that it has been selected as the preferred bidder for the Urgench Airport Development and Operation (PPP) project in Uzbekistan.

This marks the corporation’s first public-private partnership (PPP) airport project in Central Asia, and is expected to be a significant turning point for expanding its presence in the Central Asian market and its global airport business.

Notably, this is the first overseas airport PPP project won by the corporation that grants 100% terminal operation rights. Incheon Airport will appoint the airport’s CEO and key executives, thereby holding decision-making authority over airport construction and operation. This effectively positions the corporation to build and manage a “second Incheon Airport” in Central Asia.

Urgench Airport is the main gateway in the Khorezm region of western Uzbekistan and ranks third in the country in terms of passenger volume. It is located near the UNESCO World Heritage site of Khiva, offering strong potential as an international tourism hub.

As the preferred bidder, Incheon Airport plans to proceed with final negotiations over the next three months, aiming to sign the Concession Agreement. Upon signing, the project will involve constructing a new passenger terminal capable of handling approximately 3 million passengers annually over a three-year period, followed by a 19-year operational phase.
Additionally, on May 23, the corporation signed a MOU with Uzbekistan Airports Corporation at the Lotte Hotel in Seoul, with the participation of Uzbekistan’s Deputy Prime Minister, Achilbai Ramotov. The MOU formalized cooperation between the two parties ahead of the main contract and has paved the way for future negotiations and project development.

[History and Key Achievements of Overseas Projects]
Incheon Airport's first overseas project was a consulting contract for the operation support of Iraq’s new Erbil International Airport, awarded in 2009.

When Erbil Airport opened in September 2010, the corporation provided expert consulting in core airport operations such as IT systems, mechanical equipment, and navigation facilities. It was a large-scale project worth $31.5 million (approximately 44.1 billion KRW at the time), involving more than 80 full-time consultants over five years (2009-2014).

At the time, the global airport business was largely dominated by established European firms with long histories. Therefore, it was considered a remarkable and encouraging achievement for Incheon Airport-opened less than 10 years prior-to secure such a long-term consulting contract.

Building on the success of the Erbil project, Incheon International Airport Corporation steadily expanded its scope. As of May 2025, the corporation has secured a total of 39 overseas projects across 18 countries.

[Key Initiatives for 2025 Overseas Projects]
In 2024, Incheon Airport achieved record-breaking results by winning five major overseas projects.

The corporation plans to continue its aggressive bidding activities in 2025. It will focus not only on expanding into new regional markets but also on targeting “large-scale, long-term” projects with high economic value.

Hag-Jae Lee, President and CEO of IIAC stated that “With world-class expertise in airport construction and operation, and a pool of outstanding professionals, we will strengthen domestic and international partnerships. Our goal is to operate and develop over 10 airports worldwide by 2030.”