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[BUSINESS] · South Korea · 3 sources

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Gadeokdo New Airport project enters key construction preparation phase

Stakeholders have launched a collaborative framework to accelerate the construction of the Gadeokdo New Airport, aiming for a full opening by 2035. The newly formed Gadeokdo New Airport Project Promotion Consultative Body includes the Ministry of Land, Infrastructure and Transport, Busan Metropolitan City, and the Gadeokdo New Airport Construction Corporation.

Key discussions during recent policy forums and inaugural meetings focused on addressing rising construction costs caused by global economic shifts and raw material price surges. Experts have proposed temporary special measures to account for inflation and the establishment of a government-wide task force to streamline complex administrative licensing processes.

The project has entered the preparation stage for groundbreaking, following the submission of basic design documents by the Daewoo E&C consortium. The consultative body plans to hold quarterly regular meetings to manage construction progress, ensure safety and quality, and coordinate regional development plans that link the airport with its surrounding areas to boost the local economy.

Entities

Busan Metropolitan City · Daewoo E&C · Gadeokdo New Airport · Gadeokdo New Airport Construction Corporation · Ministry of Land, Infrastructure and Transport