Korea Airports Corporation Establishes Overseas Business Cooperation System to "Expand Overseas Expansion"

Yoon Hyung-jung, President of Korea Airports Corporation (right), and Scott Dunn, Vice President of Acom Asia, are taking a commemorative photo after signing a cooperation agreement for overseas expansion.

[Asia Economy Reporter Yoo Hyun-seok] Korea Airports Corporation announced on the 16th that it signed an agreement in Singapore with AECOM, the world's No. 1 company in airport engineering based in the United States, to cooperate on securing new airport projects and expanding overseas business.

Through this agreement, both companies will mutually cooperate to discover new projects for securing airport business worldwide. They plan to establish a close cooperative system including sharing business experience and exchanging expert personnel to gain early access to new overseas project information and further strengthen their competitiveness in securing contracts.

The corporation has designated this year as the "Year of Leap Forward into the Global Market." It plans to enhance its existing overseas project acquisition methods by refining contract strategies by region and type to increase the probability of securing new projects.

To this end, beyond airport construction and operation, it will package core competencies such as air navigation safety equipment, smart airports, air city development, and Urban Air Mobility (UAM) to specialize in customized integrated airport development models aimed at winning the favor of overseas clients. After securing new projects, the corporation plans to form Team Korea with leading domestic companies for each project to accelerate the global export of K-Airports.

On the 17th of this month, the corporation plans to establish a cooperative relationship with Changi Airport Group, a Singaporean airport specialist company, to explore joint entry strategies into new markets. By combining the corporation’s experience operating 14 domestic airports with the know-how of Changi Airport Group’s overseas business subsidiaries, it aims to strengthen competitiveness in overseas projects. Leveraging the corporation’s experience in Latin America and Southeast Asia and Changi Airport Group’s experience in China, the Middle East, and Europe, it also seeks synergy effects through regional diversification.

President Yoon Hyung-jung emphasized, “The signing of the MOU with AECOM and the establishment of a cooperative relationship with Changi Airport Group will serve as a foundation for the corporation’s renewed leap into the global market. By collaborating with global companies, we will secure competitiveness in overseas market entry and, through securing airport projects worldwide, lay the groundwork for domestic private companies’ overseas expansion, continuing the successful public-private cooperation Team Korea cases demonstrated in Peru and Laos.”