The government will not likely push to sell a stake in Incheon International Airport, apparently caving in to the growing pressure from the political circles to give up on the controversial plan, sources said Wednesday.
The government has been pushing to sell a 49 percent stake in the country's largest airport as part of its broad efforts to enhance operation efficiency and global competitiveness in the public sector. It is considering revising related laws to make the sale possible.
Lawmakers, civic groups and general public, however, voiced objection to the plan, claiming that there is no reason to sell the airport, which is already regarded as one of the world's best. Some argue that the sale could result in hiking air service charges for passengers down the road.
"Things have become tough to go ahead with the stake-sale plan for Incheon airport," a government official said on condition of anonymity. "The government will not submit law revisions as the plan is opposed by both ruling and opposition parties."
The changed stance comes amid worries among policymakers that the plan to sell the airport might be met with tougher opposition from the political circles at a time when the presidential election is just four months away.
The plan was initiated by the Lee Myung-bak administration when it took office in 2008. Some civic groups called into question the real motive behind the sale plan, citing the fact that a nephew of the president used to work for a possible buyer of the stake.
Incheon airport, located west of Seoul, has been consecutively rated the best airport in the world by the Airports Council International. It opened for business in February 2002 with work on the second phase completed in June 2008.
The airport currently has three runways and handles more than 44 million passengers and 4.5 million tons of cargo every year, making it one of the busiest airports in the world. (Yonhap)