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Busan Gadeokdo New Airport will start construction in 2025 in the form of a ‘marine airport’ built by reclaiming the sea for the first time in Korea. A total of 13.7 trillion won will be invested with the goal of opening the port in 2035. Although the pre-feasibility evaluation showed that the economic feasibility was low, the next stage, the preliminary feasibility evaluation (yetta) exemption was virtually confirmed, and criticism is growing that it is an election-conscious initiative.
The Ministry of Land, Infrastructure and Transport announced at the Cabinet meeting on the 26th that it had decided on the ‘Gadeokdo New Airport Construction Promotion Plan’ and confirmed it as a national policy project. Gadeok New Airport is a project promoted in accordance with the Gadeok New Airport Special Act, which was enacted ahead of the Busan mayor by-election last year. This plan is in accordance with the results of ‘Gadeokdo New Airport Pre-Feasibility Review Research Service’ conducted by the Ministry of Land, Infrastructure and Transport.
According to the plan announced on the day, Gadeokdo New Airport will build 100% of the runway by reclaiming it from the sea. The opening of the port is in 2035 (construction period of 9 years and 8 months), and the total project cost is estimated at 13.7 trillion won.
In the pre-feasibility study, the ‘benefit-to-cost (B/C)’, which represents the economic effect compared to the input cost, was found to be 0.51 to 0.58. Usually, it is evaluated that it is economical only when the B/C exceeds 1, but that is only half of that level. An official from the Ministry of Land, Infrastructure and Transport said, “As the National Assembly enacted a special law considering that the Gadeokdo New Airport is helpful for balanced national development, (the purpose of the special law) takes precedence over economic feasibility. of the core task.”
Although this plan had to go through a preliminary review by the Ministry of Strategy and Finance on the 29th, President Moon Jae-in said on the same day, “It is meaningful that the Gadeokdo New Airport can be exempted from the yeta exemption,” and made the yeta exemption a standard fact. President-elect Yoon Seok-yeol also promised to build a new airport in Gadeok-do during his candidacy, so there is not much difference of opinion between the ruling and opposition parties. If the yeta exemption is confirmed, it will be the largest yeta exemption project in history.
There are concerns that projects that lack economic feasibility may be promoted with an exception exemption, leaving a bad precedent for placing a burden on the national finances for political purposes. Yoo Jeong-hoon, a professor of transportation system engineering at Ajou University, said, “Ahead of the local elections in June, both the opposition and the opposition are pushing for exemptions from the Gadeokdo New Airport. pointed out
Although the city of Busan welcomes it, there is a growing atmosphere once morest the delayed opening of the port. In order to attract the 2030 World Expo to Busan, the city of Busan is in the position that Gadeokdo New Airport should be opened first in 2029, but the government plan has been delayed by six years. In addition, the city of Busan predicted that the project cost would be 7.5 trillion won on the premise that the runway would be built in the sea and on land, but the government plans to build it only on the sea, and the project cost nearly doubled. The Ministry of Land, Infrastructure and Transport said, “It is impossible to build a runway on land because of interference with nearby military airports and noise problems.” The Busan Gyeongbokgung Civic Movement Headquarters Promotion of the Southeastern Gateway Airport said, “We will defend our goal of opening the port in 2029.”
Reporter Jeong Soon-gu [email protected]
Busan = Reporter Kang Seong-myung [email protected]
Reporter Jeong Seo-young [email protected]