South Korea to Establish Public Corporation for Gadeok Island Airport Development

Seoul - The South Korean government is set to establish a public corporation in April for the construction of an international airport on Gadeok Island in the southeastern port city of Busan. The transportation ministry announced plans to issue an advance notice for the legislation and enforcement ordinance needed to create the Gadeok Island New Airport Construction Corp. The corporation, which will be launched on April 25, will take charge of the entire airport project, including the development of the site, runways, and passenger terminals.

According to Yonhap News Agency, this move will see the corporation assume responsibilities currently managed by the transportation ministry. Kim Jeong-hee, head of the ministry's Gaedeok Island airport team, stated that the establishment of the corporation will be finalized by the end of April, allowing construction to proceed without delay. The airport, set to be an offshore facility built on a floating structure at sea, is estimated to require a budget of 13.7 trillion won (US$10.64 billion).

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