Legal Basis Included for Toll Reduction on Yeongjong and Incheon Bridge
Incheon International Airport Corporation has proposed a bill to expand its business scope, including operating a small airport to be constructed on Baengnyeongdo, the northernmost island in the West Sea.
On the 7th, Heo Jong-sik, a member of the Democratic Party of Korea representing Incheon Dong-gu Michuhol-gu Gap, announced that he had taken the lead in proposing the "Partial Amendment to the Incheon International Airport Corporation Act," which allows Incheon International Airport Corporation to participate in the construction and operation of Baengnyeong Airport, as well as improvement projects for transportation facilities linked to airports such as Yeongjong and Incheon Bridge.
The current law limits the scope of Incheon Airport Corporation's business to managing, operating, and maintaining Incheon Airport, telecommunications related to airport operations, airport-related consulting, overseas airport construction and management/operation, and development projects in surrounding areas.
Although it possesses world-class expertise in airport construction and operation, there is no legal basis for promoting national policy projects such as establishing aviation MRO, developing and operating domestic airports, and reducing toll fees on roads accessing Incheon Airport.
The Baengnyeong Airport construction project, with a total investment of 201.8 billion KRW, passed the government's preliminary feasibility study last December and is scheduled to begin construction in 2025 and be completed in 2027. The feasibility study estimated that operating Baengnyeong Airport would require an annual budget of approximately 5.13 billion KRW.
Among the 15 domestic airports, excluding Incheon Airport, 14 are operated by Korea Airports Corporation. Since airports other than Incheon, Gimpo, Jeju, and Gimhae airports are chronically running deficits, there is a growing call for policies to revitalize Baengnyeong Airport.
If Incheon International Airport Corporation operates Baengnyeong Airport, it is expected to establish a two-track route such as "Baengnyeong Airport~Incheon Airport" and "Baengnyeong Airport~Gimpo Airport," contributing not only to domestic but also to attracting overseas tourists, according to Heo's office.
The amendment also includes provisions allowing Incheon International Airport Corporation to participate in toll reduction projects for Yeongjong Bridge and Incheon Bridge, private roads connected to Incheon Airport.
Earlier, the government announced in February that tolls for Yeongjong and Incheon Bridges would be reduced starting from October 2023 and December 2025, respectively. The plan is to establish a Special Purpose Company (SPC) jointly invested 1:1 by Incheon International Airport Corporation and Korea Expressway Corporation to carry out the project.
The total project cost required for the toll reduction is estimated at about 2.0714 trillion KRW, and for Incheon International Airport Corporation to make an upfront investment of over 1 trillion KRW and participate in the SPC, an amendment to the Corporation Act must precede.
Heo said, "Although the government announced toll reductions for Yeongjong and Incheon Bridges, the legal basis has not yet been established. This amendment to the Corporation Act will serve as an opportunity to publicize not only the toll reduction but also the expansion of Incheon Airport Corporation's business scope, including the construction and operation of Baengnyeong Airport."
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