Incheon International Airport Corporation signs MOU with Guayaquil Airport Authority to support new airport development in Ecuador

Incheon International Airport Corporation (IIAC) announced that it has signed a Memorandum of Understanding (MOU) with the Guayaquil Airport Authority to support the development of a new international airport in Guayaquil, Ecuador. The signing ceremony took place on June 9 at IIAC headquarters in South Korea.

The agreement was signed by IIAC President Lee Hag-jae and Pablo Ricardo Pita Rendon, Director of the Guayaquil Airport Authority, with more than 10 officials from both organizations in attendance.

Under the MOU, both parties will establish a strategic partnership through extensive cooperation and information sharing to facilitate the successful implementation of the new Guayaquil International Airport project, to be developed through a public-private partnership (PPP) model.

Guayaquil is Ecuador's largest city and serves as a key center for commerce, industry, and finance. To address capacity constraints at its existing airport, the Guayaquil Airport Authority is developing a new airport capable of handling more than 7 million passengers annually. The project is estimated at approximately KRW 500 billion (USD 360 million).

IIAC was previously awarded a project under the Korea Trade-Investment Promotion Agency's (KOTRA) Economic Innovation Partnership Program (EIPP) in November 2024. Through this initiative, IIAC is currently providing technical and policy consulting services for the planning and development of the airport's surrounding support infrastructure. The consulting engagement is scheduled to continue through October 2025.

With the signing of this MOU, IIAC has established an official communication channel with the Guayaquil Airport Authority, positioning the corporation to participate in the airport’s construction and operation phases.

This partnership represents a significant milestone in IIAC's global expansion strategy, enabling the corporation to extend its overseas business footprint beyond Asia and the Middle East into Latin America for the first time.

Hag-jae Lee, President and CEO of IIAC stated that  "This MOU marks a meaningful first step in our efforts to enter the Latin American market. We are committed to leveraging our world-class expertise in airport development and operation as we explore new opportunities across the globe."

Since launching its first overseas project in 2009 to support the operation of Erbil International Airport in Iraq, IIAC has completed 39 overseas projects across 18 countries, which have generated a cumulative contract value of approximately USD 405 million. The corporation aims to operate at least 10 overseas airports by 2030 as part of its long-term global growth strategy.