Updated Tuesday, June 30, 2009 10:49 am TWN, AFP

S. Korea to spend US$3.12 bil. on Incheon expansion

SEOUL -- South Korea will spend more than three billion dollars expanding Incheon International Airport to help it compete better with regional rivals, officials said Monday.

Work on the four trillion won (3.12 billion dollar) project will start in 2011 and finish by 2015, the ministry of land, transport and maritime affairs said in a statement.

A second passenger terminal will be built and existing facilities including the cargo terminal expanded.

The airport, now capable of handling 44 million passengers and 4.5 million tonnes of cargo per year, will be able to handle 62 million passengers and 5.8 million tonnes annually once the expansion is complete, the ministry said.

It said the aim is to turn the country's major international gateway into a hub for Northeast Asia.

The project is expected to generate around 80,000 new jobs, the ministry said.

Incheon topped a global poll of best airports conducted by consultancy group Skytrax and released this month.

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