Incheon Int'l Airport Corp. signs MOU on support for Ecuador's new airport project

SEOUL, June 12 (Yonhap) -- Incheon International Airport Corp. (IIAC) said Thursday it has signed a memorandum of understanding (MOU) with the Guayaquil Airport Authority of Ecuador to cooperate on the development and operation of a new international airport in the South American country's largest commercial hub.

Under the MOU signed Wednesday, the two sides will exchange information and strengthen cooperation to build a strategic partnership for the envisioned airport in Guayaquil, Ecuador's largest economic and industrial center, which aims to accommodate over 7 million passengers annually.

The project, valued at approximately 500 billion won (US$367.5 million), is being pushed to ease congestion at the city's existing airport.

In November 2024, IIAC won a bid to establish a basic plan for the development of the Guayaquil airport's logistics and commercial zones. The corporation is currently providing technical and policy consultations on the project, which is set to continue through October this year.

The MOU is expected to serve as a formal platform for further engagement and negotiations with the Guayaquil Airport Authority, potentially positioning IIAC as a preferred partner for both construction and operation.

"This MOU lays the groundwork for entering Ecuador's new airport development and operation market," Lee Hak-jae, president and chief executive officer (CEO) of IIAC, said. "By leveraging our world-class airport operation expertise, we will continue to pursue entry into new international markets, including Latin America."

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