Incheon Airport Corporation Wins 7 Trillion Won Uzbekistan New Airport Project, Joins Global Consortium

Responsible for Construction and Operation for 35 Years
Largest Single Overseas Project Ever Awarded
Expected to Secure Stable Dividend Income
Achievement Backed by Strong Government Support

Incheon International Airport Corporation will participate in the Uzbekistan Tashkent New Airport Project, which has a total project value of approximately 7 trillion won.

Aerial view of the new Tashkent Airport terminal. Incheon International Airport Corporation

The corporation announced on August 4 that it has been awarded the 'Tashkent New Airport Development and Operation Project', a large-scale airport development project with a total investment of around 6.9 trillion won. To this end, on July 29, it concluded both the 'Concession Agreement for Development and Operation of Tashkent New Airport' and the 'Government Support Agreement' with the government of Uzbekistan, the project's ordering party. This project is the single largest overseas project ever secured by the corporation.

In May of last year, the corporation won the operation and development project for Urgench Airport in Uzbekistan, followed by this latest bid for the nation's capital airport, further solidifying its status as a global airport-specialized enterprise.

The Airport Corporation Holds 7.5% Stake in Global Consortium...Total Korea Share Rises to 15% Including KIND

The Tashkent New Airport Development Project is a public-private partnership (PPP) project that was proposed to the Uzbekistan government via a private proposal by 'Vision Invest', an infrastructure investment company based in Saudi Arabia.

The project will proceed under the BTO (Build-Transfer-Operate) model, where a global private consortium including the corporation will be responsible for construction and operation of the new airport for 35 years starting from 2027 (four years of construction, followed by 31 years of operation). In the BTO model, the private sector handles the construction, transfers ownership to the government, and manages the full operation.

The corporation will participate as the airport operator in the consortium and holds a 7.5% stake. When adding the 7.5% stake of the Korea Overseas Infrastructure & Urban Development Corporation (KIND), which acts as a policy financier, the share held by Korean companies reaches 15%.

As the airport operator, the corporation will be involved from the construction stage of the new airport, including facilities such as passenger terminals and parking lots. After the opening of the new airport, it will be fully responsible for airport operations, including facility management, maintenance, and technical support.

Tashkent New Airport Project Site. Incheon International Airport Corporation

The corporation plans to leverage its world-class airport operation expertise—demonstrated by twelve consecutive years ranked No. 1 in the Airport Service Quality (ASQ) global survey—to establish Tashkent New Airport as a key hub in Central Asia.

In particular, the corporation aims to drive ongoing service innovation by introducing artificial intelligence (AI)-based smart services, developing commercial facilities, and expanding air routes, all underpinned by stable airport operations. It also plans to enhance integration with Urgench Airport, which it also operates.

In 2024, Uzbekistan’s air transport performance reached 13.5 million passengers, demonstrating rapid average annual growth of 44.6% between 2021 and 2024. Among these, Tashkent Airport—the capital's airport—accounts for 9.8 million passengers, or a 64.6% market share. When the new Tashkent Airport opens in 2031, the existing Tashkent Airport is expected to cease operations, and the corporation expects to receive stable dividend income following the commencement of operations at the new airport.

Previously, in October 2025, the corporation concluded the 'Tashkent New Airport Operation Service Contract' and is planning to provide consulting services throughout the construction and operational phases. In addition to dividend earnings, the corporation has already secured overseas consulting revenue of approximately 34.8 billion won (25.48 million U.S. dollars) over the next five years. Furthermore, this latest project win is anticipated to increase the participation of Korea’s leading airport-related companies in the overseas market during the construction and operation phases of Tashkent New Airport.

Full Government Support, Including MOLIT, Behind Project Win

The successful bid for the Tashkent New Airport Project was backed by strong support from the government, including the Ministry of Land, Infrastructure and Transport (MOLIT). The Aviation Policy Office within the ministry is working to establish a close cooperation network with Uzbekistan to support the project and strengthen partnerships in the airport sector, and it is reported that the ministry has held continuous high-level meetings and working-level consultations during the bidding process.

Additionally, in the process of securing large-scale senior collateralized loans from multilateral development banks such as the Export-Import Bank of Korea (K-EXIM), government-level policy support played a significant role.

The global consortium plans to complete agreements for financing and all necessary administrative approvals, including government permits, within this year and commence actual airport construction in early next year. The corporation also plans to establish a local subsidiary in Tashkent dedicated to the project during the second half of this year, thereby accelerating the project’s progress.

Kim Beom-ho, Acting President and CEO of Incheon International Airport Corporation, stated, "New airport development represents the highest degree of difficulty among overseas airport projects, requiring specialized construction and operation expertise. Through this successful bid, both Incheon Airport and the Korean aviation industry have elevated their global standing. Going forward, we will export K-airports worldwide—including to Central Asia and the Middle East—and further expand the overseas ventures of Korean companies, fulfilling our role as a growth engine for the Korean economy."

This content was produced with the assistance of AI translation services.