Ecuador New Airport Hinterland Development, Incheon Airport to Provide Consulting

Incheon Airport Know-How Transfer... Presenting a Customized Development Model

Incheon International Airport Corporation will serve as an advisor for the development project of the new airport hinterland in Ecuador. The plan is to present a development model that enhances the utilization of the local airport and contributes to the regional economy.

Incheon International Airport Corporation announced on the 5th that it has signed a contract for the "Basic Plan Establishment Project for the Development of the New Airport Hinterland in Guayaquil, Ecuador."

This project, commissioned by the Korea Trade-Investment Promotion Agency (KOTRA), is part of the Ministry of Economy and Finance's "Economic Innovation Partnership Program (EIPP)." EIPP is a mid- to long-term policy advisory program between partner countries and the Korean government, created to support the economic development of partner countries and the overseas expansion of Korean companies. The project budget is 517.44 million KRW and will be carried out over approximately 10 months until October 15 of next year.

Under this project, Incheon Airport Corporation will provide advisory services related to the development of the new airport hinterland in Guayaquil, Ecuador’s economic and logistics hub. The Guayaquil new airport is expected to become a key national infrastructure that will solve the saturation problem of the existing airport (Jos? Joaqu?n de Olmedo International Airport) and establish itself as a major transportation hub in Ecuador.

The corporation plans to maximize the utilization of the new airport and drive regional economic growth by conducting industry analysis suitable for the hinterland and planning essential infrastructure connecting the new airport and the hinterland. Additionally, by analyzing the successful development cases of Incheon Airport’s hinterland and overseas examples, it will propose an optimized development model for the Guayaquil new airport and provide technical and policy advisory services.

This project is not a standalone initiative but is expected to be linked to follow-up infrastructure development projects through support measures such as the Economic Development Cooperation Fund (EDCF), thereby strengthening economic cooperation between Korea and Ecuador and expanding opportunities for domestic companies to enter the Latin American infrastructure market. The corporation plans to actively expand its participation in Ecuador’s new airport public-private partnership (PPP) projects and enter the Latin American airport development market.

Lee Hak-jae, President of Incheon Airport Corporation, stated, "This project will be an important opportunity to maximize the economic potential of Ecuador’s new airport and lay the foundation for future PPP projects and entry into the Latin American airport development market. Based on world-class airport operation expertise, we will create a new success model for airport projects in the Latin American region."