In relation to Incheon International Airport’s 750 billion won equity investment in a new airport being promoted by the Polish government near Warsaw안전놀이터, the Korea Development Institute (KDI) concluded that it was ‘reasonable’ in a public institution preliminary feasibility study (public research). An article saying it was taken down came out on the 19th in some media outlets.

Most of these reports were based on the release of a press release by Incheon International Airport stating that “ the equity investment plan for the new airport in Poland was found to be feasible ( AHP 0.502) in the final comprehensive evaluation by KDI

on the premise of fulfilling the prerequisites.” Preliminary feasibility study AHP (Hierarchical Analysis) , the final comprehensive evaluation procedure , is usually evaluated as feasible if the value exceeds 0.5. Since the value evaluated by KDI is 0.502, looking at it as it is, it is wrong to say that Incheon International Airport’s investment in Poland’s new airport has gained feasibility . No. However , if you look at the meaning and content of the prerequisites set forth by KDI , the story will change. KDI is ▶preparing measures to compensate for investment losses, including conditions for obligatory purchase of shares in the construction by Poland, and ▶predetermination of new airport usage fees (use fees) and profitability in the event of non-fulfillment Two prerequisites were proposed, including the preparation of conservation measures .

If the prerequisites are not resolved, securing feasibility will also be skipped . Because it is a ‘conditional passage’. An official from the Ministry of Land, Infrastructure and Transport said, “ I inquired with KDI and received an answer that AHP exceeded 0.5 on the premise that the prerequisites were fulfilled, so if the prerequisites could not be resolved, there would be no validity.”

Location of Poland’s new airport. [Data Incheon Airport]

Accordingly, the Ministry of Land, Transport and Maritime Affairs ordered Incheon International Airport to prioritize the resolution of preemptive tasks. However, the problem is that it is very difficult to solve all the prerequisites. The first condition, ‘preparation of a plan to compensate for investment losses, including conditions for the obligatory purchase of shares in the construction by Poland’, means that when Incheon Airport wants, Poland will be guaranteed to acquire the shares at a reasonable price. This is the return of Incheon Airport’s investment. This was due to criticism that the plan was lax.

Initially, Incheon International Airport put forward a ‘dividend according to the share (12.5%)’ and ‘recovery through the sale of shares in case of emergency’ as a way to recover the investment cost, pouring money that would reach 1 trillion won, including interest and other financial costs. In fact, the right to operate the airport, which can receive a fixed price from the airport owner, has not been secured.

In response, the airport industry criticized that “recovering investment only through dividends is an overly optimistic measure that can only be done in the best case scenario of the Polish new airport continuing its unobstructed growth as originally planned.”

Concerns were also raised that it would be difficult to make profits for a considerable period of time if the checks on the new airport in Poland begin in countries that already have hub airports, such as Germany and France, as well as countries in Central and Eastern Europe. In addition, it was pointed out that the sale of shares is not easy to achieve properly when the operation of the new airport becomes difficult.

However, in fact , Incheon International Airport has already sought out the terms of the obligatory purchase of investment shares from Poland, but it is known that it has received a negative response.This is why there are observations that it is not easy to come up with a proper investment loss compensation plan in this situation.

Incheon Airport’s investment project for a new airport in Poland is being pursued by Vice President Lee Hee-jung, acting president. [Photo Incheon Airport]

It is interpreted that the second condition was also suggested because it was pointed out that it is difficult to properly determine the profitability of Incheon Airport in a situation where the new airport fee is not determined in advance. One of the important factors for securing airport competitiveness is how much service fees such as landing fees are received. However, it is true that it is difficult to raise a voice in the strategy to secure airport competitiveness with only the share (12.5%) that Incheon International Airport is trying to secure.

This means that it is not easy to pre-determine the fee for using the new airport, and it is not easy to find other ways to preserve profitability. That is not an easy task either way. Kim Bum-ho, head of Incheon Airport’s new business headquarters, said, “I understand 100% of the meaning of the prerequisites and feel a tremendous sense of weight.”

In addition, it was confirmed that Incheon Airport did not receive external legal advice on whether it was a legally reasonable investment while promoting investment in a new airport in Poland. Director Kim said, “I did not receive legal advice on this case, but it came out as reasonable in the preliminary feasibility study (SATA).”

However, since sata is a service ordered by the side that is trying to promote the business, it usually comes out in favor of the ordering body. An official from the airport industry who requested anonymity said, “This investment plan does not contain any content such as securing airport operation rights or guaranteeing the participation of domestic construction companies, so there is a view that it is in fact a simple equity investment.” I know it’s not a business area,” he said. I mean, it’s debatable.

The new airport project in Poland aims to build a hub airport in Central and Eastern Europe that will replace the existing Chopin Airport by investing 14 trillion won. Is expected. The opening is targeted for 2028.

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