BNK Economic Research Institute: "Gadeokdo New Airport, Core Infrastructure for Southeast Region Development"

[Asia Economy Reporter Kim Hyo-jin] BNK Economic Research Institute, affiliated with BNK Financial Group, has analyzed that "the construction of Gadeokdo New Airport will play a key infrastructure role in creating a progressive future for the Southeast region."

On the 4th, BNK Economic Research Institute stated in its research report titled 'New Southeast Airport and the Future of the Regional Economy' that "airport complex city development, establishment of a metropolitan transportation network, linked development with surrounding cities, concentration of new growth advanced industries, realization of the mega-city concept, and advancement of tourism and MICE industries are expected," forecasting accordingly.

The institute predicted that a global airport complex city will be developed around the new airport area, where related industries such as residential, cultural, tourism, accommodation, conference facilities, complex logistics complexes, and global advanced industrial complexes will simultaneously develop.

The institute also expects that with the construction of Gadeokdo New Airport, the Tri-Port complex transportation network connecting the Southern Inland Railway, Busan, and Jinhae New Ports by land, sea, and air will be completed, accelerating the establishment of a metropolitan transportation network in the Southeast region.

Along with this, it anticipates high value-added creation effects linked to surrounding industrial complexes and urban development plans, explaining that synergy effects with currently developing Jinhae New Port, Free Economic Zone, and Eco Delta City are expected.

It also expects the new airport to serve as a catalyst for the concentration of new growth advanced industries. Based on the geographical advantage adjacent to the international airport, related industries including aircraft parts and air transportation services are expected to rapidly develop.

In particular, the airport site, equipped with excellent infrastructure and business environment, is projected to play an important role in attracting knowledge information advanced companies and activating foreign direct investment simultaneously.

Furthermore, the institute anticipates that Gadeokdo New Airport will serve as key infrastructure for the Southeast region to leap forward as a mega-city with global competitiveness. The establishment of a super-metropolitan economic zone in the Southeast is expected to significantly contribute to national balanced development by substantially resolving the unipolarization of the metropolitan area.

The institute also mentioned that the expansion of regional visitation demand due to improved accessibility between world cities is expected to boost tourism and MICE industries, and securing airport infrastructure with a global network is anticipated to greatly increase the possibility of hosting large-scale international events such as the 2030 World Expo.

Additionally, the institute pointed out that over the past 20 years, the growth rate of the logistics industry in the Southeast region has not matched the regional economic growth rate, explaining that this was because a significant portion of Southeast air logistics depended on Incheon Airport. It is expected that once Gadeokdo New Airport is constructed and linked with ports, railroads, and road networks, the competitiveness of the regional logistics industry will be greatly enhanced.

Jung Young-doo, head of BNK Economic Research Institute, emphasized, "Now is the time to focus on the smooth promotion and acceleration of the new airport construction," adding, "We must recognize the construction of Gadeokdo New Airport as an opportunity for regional industry advancement and value chain restructuring, and spare no effort in related investments and support."