By Justin Lee (Singapore)
Incheon International Airport Corporation (IIAC) is the operator of Incheon International Airport that serves the capital city of Seoul in South Korea. The airport operator is fully-owned by the Government of South Korea.
While IIAC’s main focus of operations continues to lie at Incheon International Airport, the company has steadily grown its business operations overseas in the past decade. It has so far carried out 30 international business expansions in 15 countries.
IIAC sees its overseas businesses as a good opportunity to diversify the profit structure of Incheon International Airport, which is focused on leasing commercial facilities such as duty-free shops as well as exporting its advanced technologies and know-how. Overseas expansion is also expected to boost South Korea’s economy by creating quality jobs.
Its overseas business is divided into 3 fields: (1) airport planning and construction (2) airport operations support consulting and (3) investment projects.
To date, IIAC’s overseas business projects have been focused on airport planning and construction, as well as airport operations support consulting. The most significant airport investment project has been in Khabarovsk Airport in Russia between 2011 to 2017.
These overseas business operations are mainly developed through the Overseas Business Group, a department reporting to the Future Business Division. The Overseas Business Group consists of the Overseas Business Management Team, the Business Development Team as well as the Equity Investment Team.