Page 64 - 인천국제공항 4단계 건설사업 건설지 [화보집 영문]

Construction of Incheon Airport Expressway

and Cargo Terminal

Various private investment projects
Numerous private investment projects were carried out during Phase 1 of
construction. Such investment projects involve raising some or all of the funds for

the construction and operation of public facilities from the private sector. In return,
the private sector is allowed to operate the facilities and earn revenue. For Phase
1 of construction, these projects followed a Build-Transfer-Operate (BTO) model,
where private operators pay land usage fees during a concession period and then

return the rights to operate and manage the facilities to the government once the
concession period ends. The facilities targeted for private investment included
cargo terminals, a combined heat and power plant, refueling facilities, in-flight
catering facilities, ground handling equipment maintenance facilities, aircraft

maintenance hangars, and air cargo warehouses. Transportation access facilities,
such as a dedicated expressway and access railway, were also part of the projects,
as were commercial facilities like hotels in the International Business Complex.
The Incheon Airport Expressway was Korea’s first private investment project,

where private capital handled both construction and operation. To secure funding
for expanding Social Overhead Capital (SOC) projects, the government enacted
legislation related to private investment in August 1994, and subsequently, the
airport expressway was converted into a private investment project. The total

project cost was KRW 1.7342 trillion, and the entire project was divided into 7
sections: 3 bridge construction sections and 4 road construction sections. The
expressway, spanning a total length of 40.2 km, was completed in November

62 The 30-year History of Incheon Airport Construction 63