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Incheon International Airport Corporation logo

Business

Airport city Development

About Airport City

Incheon International Airport unused land investment conditions
인천국제공항 유휴지 투자조건 관련 이미지
  • Incheon International Airport development method: land is the property of the corporation, and the facility is developed and managed by a private entity
  • Land-use fee: 5/100 of appraised land value(separately negotiate additional conditions or reductions)
  • Land-use period: within 50 years from beginning of operation(separately negotiate extension)
  • Related laws
    • Metropolitan Area New Airport Construction Promotion Act
    • Free Economic Zone Designation and Management Act
  • Proposed facility
    • Prosed as airport support facility as in Metropolitan Area New Airport Construction Promotion Act
 (Restriction: height limit EL 52m)
  • Business implementer selection process(negotiate details with Corporation)
    • Business implementer recruitment announcement > accept proposals > evaluation and priority negotiation subject designation > sign enforcement agreement > business implementer designation > drafting, licensing, and construction
Incheon International Airport unused land business process
Push forward with other projects according to the law
Incheon International Airport unused land business process 안내 표
Metropolitan Area New Airport Construction Promotion Act
Draft new airport construction basic plan Article 4, Ministry of Land, Infrastructure and Transport
Announce basic plan Article 4-3, Ministry of Land, Infrastructure and Transport
Business implementer designation Construction regulation and Private Investment Act
Construction business implementer designation Article 6, Ministry of Land, Infrastructure and Transport
Approval and announcement of implementation plan Article 7, Ministry of Land, Infrastructure and Transport Stakeholder Approval (Article 8 Part 1):25 related laws
Construction project Business implementer
Check construction completion Article 12-2, Ministry of Land, Infrastructure and Transport
Operation Business implementer
Incheon International Airport unused land business process 안내 표
Free Economic Zone Act
Project implementation condition agreement and carrying out the agreement Incheon International Airport Corporation (or Ministry of Land, Infrastructure and Transport)
Adopting changes in development plan (Act Article 4) (includes development plan and project implementation site) Business implementer (agreement between Ministry of Land, Infrastructure and Transport, Incheon City, and Airport Corporation)
Free Economic Zone development plan revision request Business implementer → Incheon City Free Economic Zone Office
Free Economic Zone development plan revision application Incheon City Free Economic Zone Office → Ministry of Trade, Industry and Energy
Free Economic Zone Committee deliberation Ministry of Trade, Industry and Energy
Announcement and review (officially) Ministry of Trade, Industry and Energy
Basic implementation plan Business implementer
Approval of implementation plan (within 2 years of announcement) (Free Economic Zone Act Article 9) Request approval: Business implementer Finalizing approval: Ministry of Trade, Industry and Energy

Separate environmental impact evaluation

Ground breaking and construction Business implementer
Construction completion (Free Economic Zone Act Article 14) Ministry of Trade, Industry and Energy
Operation Business implementer
Legal comparison between the two laws
양 법률비교 안내 표
Type Metropolitan Area New Airport Construction Promotion Act Free Economic Zone Act
Goal Meet the air-service demand in metropolitan area Attract foreigner investment
Designator Ministry of Land, Infrastructure and Transport Ministry of Trade, Industry and Energy Minister
Business implementer Nation, local government, Incheon International Airport Corporation, Government Investment Agency, private business No restriction
Development purpose Airport basic/support Facility Depends on implementation plan approval description
Incentives Approval and licensing agenda / land use Approval and licensing agenda / land use Tax and fee reduction for foreign investors
Business implementation procedure by related regulation
Business implementation procedure by related regulation안내 표
Business implementer recruitment announcement method
Investment attraction project basic plan and implementation  
Business implementer recruitment post Announce leasing land, application eligibility, rent, rent period, etc.
Project presentation Explain project implementation condition, business plan format, etc.
Proposal acceptance and evaluation Create and manage evaluation team – negotiation priority
Implementation agreement and implementer designation Sign implementation agreement after negotiations
Construction business implementer designation Construction Promotion Act Article 6, Ministry of Land, Infrastructure and Transport
Implementation plan approval Construction Promotion Act Article 7, Ministry of Land, Infrastructure and Transport
Construction project  
Construction completion Construction Promotion Act Article 12-2, Ministry of Land, Infrastructure and Transport
Assessment  
Operation  
인관련규정에 따른 사업추진절차 안내 표
Investor Proposal Method
Proposal negotiation / business plan submission  
Business plan review and evaluation Detailed Standard* Article 23
3rd party proposal request (when necessary) Detailed Standard Article 23
Business plan acceptance and evaluation Detailed Standard Article 23

※additional points for first proposer (under 10%)

Priority negotiation subject designation and negotiation Detailed Standard Articles 16, 17, 18
Implementation agreement and business implementer designation Detailed Standard Article 20
Construction business implementer designation Construction Promotion Act Article 6, Ministry of Land, Infrastructure and Transport
Implementation plan approval Construction Promotion Act Article 7, Ministry of Land, Infrastructure and Transport
Construction project  
Construction completion Construction Promotion Act Article 12-2, Ministry of Land, Infrastructure and Transport
Operation  

Special detailed standards of Incheon International Airport Corporation’s lease business based on the Contracts Regulations for Public Enterprises and Quasi-Government Agencies

Direct any questions regarding information on the website to:
  • Managing department: Airport City Development Team
  • Telephone: +082-32-741-2272, 2273