Incheon: Incheon International Airport Corp. (IIAC) announced its recent signing of a memorandum of understanding (MOU) with the Guayaquil Airport Authority in Ecuador. The agreement aims to foster cooperation for the development and operation of a new international airport in Guayaquil, the largest commercial hub in Ecuador.

According to Yonhap News Agency, the MOU outlines the exchange of information and strategic partnership building between the two entities for the planned airport in Guayaquil. The airport is designed to handle over 7 million passengers annually, addressing congestion issues at the existing airport. The project has an estimated value of approximately 500 billion won (US$367.5 million).

In November 2024, IIAC secured a bid to draft a basic plan for the development of logistics and commercial zones at the Guayaquil airport. The corporation is currently engaged in providing technical and policy consultations, a process that will extend until October this year.

The MOU is poised to act as a formal platform for further engagement and negotiations, potentially positioning IIAC as a preferred partner for the airport’s construction and operation. Lee Hak-jae, president and CEO of IIAC, emphasized the significance of this MOU, stating that it sets the stage for entering Ecuador’s airport development and operation market. He highlighted the corporation’s intent to leverage its expertise in airport operations to enter new international markets, including those in Latin America.