A consortium led by Incheon International Airport Corporation (IIAC) has been named as the preferred bidder for the construction and operation of a new international airport in Myanmar, the South Korean Ministry of Land, Infrastructure and Transport has revealed. If finalised, the agreement will see the consortium
A consortium led by Incheon International Airport Corporation (IIAC) has been named as the preferred bidder for the construction and operation of a new international airport in Myanmar, the South Korean Ministry of Land, Infrastructure and Transport has revealed.
If finalised, the agreement will see the consortium build the US$1.1 billion airport, located in Yangon (also known as Rangoon), with the goal of opening it in 2018. IIAC would then operate the airport for up to 50 years.
The airport will be able to handle 12 million passengers a year, compared to the 2.7 million handled by the existing Yangon International Airport.
Other parties in the IIAC-led consortium include Halla Engineering & Construction Corp, Lotte Engineering & Construction Co, POSCO ICT and Kumho Industrial Co. The consortium was selected ahead of three others, spearheaded by Yongnam Holdings, Taisei Corporation and Vinci.
Negotiations on the final terms of the agreement will continue, with the deal expected to be signed by the end of the year.
Mynamar was last year described by Pacific Asia Travel Association as the “story of the year” in terms of inbound tourism, with arrivals up 43% in the first nine months of 2012.
Earlier this year, as reported, IIAC was drafted in by the government of the Philippines to provide consultancy services for the completion of Ninoy Aquino International Airport (NAIA) Terminal 3.