The Nation's First Offshore Airport 'Gadeokdo New Airport' Soft Landing

by Jo Kangwook

Published 26 Apr.2022 11:00(KST)

Updated 26 Apr.2022 11:12(KST)

Exemption from Preliminary Feasibility Study... Economic Feasibility Controversy Remains

Perspective view of Gadeokdo New Airport / Provided by the Ministry of Land, Infrastructure and Transport.

[Asia Economy Reporter Kangwook Cho] The construction of Gadeokdo New Airport, the country's first offshore airport, is expected to accelerate as it has been exempted from the preliminary feasibility study (PFS).

With the exemption of the Gadeokdo New Airport PFS agenda passing at the Cabinet meeting on the 26th, the national policy-driven promotion of this project has been confirmed. Since the Special Act for the Construction of Gadeokdo New Airport passed the National Assembly in February last year, the Ministry of Land, Infrastructure and Transport has commissioned research and conducted a preliminary feasibility study for Gadeokdo New Airport. As a result, the projected demand was analyzed to be 23.36 million passengers and 286,000 tons of cargo by 2065. The runway length was reviewed to be 3,500 meters, considering the takeoff distance required (3,480m) based on the maximum takeoff weight of the national carrier's cargo aircraft (B747-400F). Among five optimal layout plans from A to E, Plan E, which is an east-west layout and purely offshore, was finally selected. The total project cost was estimated to be 13.7 trillion KRW.

However, even in this study, the cost-benefit ratio is known to be low, sparking ongoing debates about economic feasibility. In response, the Ministry of Land, Infrastructure and Transport estimated that the economic ripple effect would total 23 trillion KRW, including a production inducement effect of 16.2 trillion KRW and a value-added inducement effect of 6.8 trillion KRW in the Busan-Ulsan-Gyeongnam region. Additionally, the employment inducement effect is estimated to generate 103,000 jobs.

Minister of Land, Infrastructure and Transport Noh Hyung-wook said, "The Cabinet's resolution this time demonstrates the government's unwavering commitment to the construction of Gadeokdo New Airport," adding, "We will prioritize safety as the highest value and provide all possible support to ensure the smooth progress of the project."