IIAC signs $25 mil. deal to share operating expertise with Uzbekistan

A rendering of the new Tashkent International Airport in Uzbekistan / Courtesy of Incheon International Airport Corp.

Incheon International Airport Corp. (IIAC) said Thursday that it had signed a $25 million contract to bring its airport operations expertise to Uzbekistan’s new Tashkent International Airport, marking the latest milestone in the Korean airport operator’s global aviation efforts.

The large-scale project, estimated at $3.4 billion, was proposed by the Saudi Arabian investment firm Vision Invest to the Uzbekistan government through a public-private partnership.

Under a five-year consulting deal, IIAC will dispatch up to 17 experts specializing in management, operations and IT systems, delivering hands-on support for airport design, safety, passenger services and logistics integration.

The groundbreaking ceremony for the new Tashkent airport was attended by Uzbekistan’s President Shavkat Mirziyoyev, key government officials, Vision Invest representatives and IIAC executives. They discussed cooperation plans and Korea’s airport management model.

Located 35 kilometers south of the current Tashkent airport, the new complex will serve up to 17 million passengers annually in its first phase, with capacity expected to grow to 54 million once completed. The new airport is set to anchor Uzbekistan’s modernization drive and aims to transform the country into a regional hub for air transport and logistics.

Incheon International Airport Corp. President Lee Hag-jae, left, poses with Saudi Arabian investment firm Vision Invest CEO Omar Al Midani during a signing ceremony for an airport operation service agreement for Tashkent International Airport in Tashkent, Uzbekistan, Tuesday. Joint Press Corp.

The Tashkent airport project marks IIAC's 39th overseas venture across 18 countries, with the company reaching a cumulative value of approximately $424 million since its entry into the global market in 2009.

Also, the IIAC signed an agreement with Uzbekistan’s airport authority to upgrade and operate Urgench International Airport, Wednesday local time. Located near the city of Urgench and close to the UNESCO World Heritage site of Khiva, Urgench airport is a key access point for tourists and trade in the region.

Incheon International Airport Corp. President Lee Hag-jae, second from right, poses with Uzbek airport authorities during a signing ceremony for the public-private partnership agreement for the modernization and management of Urgench International Airport in Tashkent, Uzbekistan, Wednesday. From left are Javlonbek Oybekovich Umarkhojaev, chairman of the Board of Uzbekistan Airports; Ilhom Rustamovich Mahkamov, minister of Transport of Uzbekistan; and Oybek Matkarimov, director of Urgench International Airport. Joint Press Corp.

The project marks IIAC’s first full control of an overseas airport. After winning an international tender in April, the company plans to design and build a new terminal capable of handling about 3 million passengers annually. IIAC will oversee construction for three years and then manage the airport’s operation for the following 19 years.

"Uzbekistan is a strategically important region with great potential to become a transportation hub in Central Asia," IIAC President Lee Hag-jae said, "Through our projects at Tashkent new airport and Urgench airport, we plan to build and operate what will become the second and third Incheon airports in Central Asia, strengthening our foothold for overseas expansion."

He added, "By leveraging Incheon airport’s world-class expertise in airport construction and operation, we aim to operate at least 10 overseas airports by 2030, expanding the export of the 'K-airport' model worldwide."