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Gadeokdo New Airport Land Development Project Begins Basic Design, with Significantly Expanded Participation by Busan Companies

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Busan Metropolitan City (Mayor Park Heong-joon) announced that the Daewoo E&C Consortium, selected as the negotiated contract partner for the Gadeokdo New Airport land development project, will begin the basic design phase on March 9.

Last November (2025), the Ministry of Land, Infrastructure and Transport announced its bidding policy for the Gadeokdo New Airport land development project and issued two bid notices. However, both bids failed, leading to the Daewoo E&C Consortium being selected as the negotiated contract partner.

The Gadeokdo New Airport Construction Authority, the project implementer, will hold a site briefing on March 9. Afterward, the Daewoo E&C Consortium will conduct the basic design and the detailed design for the priority construction portion over the next six months. The total construction period is 106 months, with priority construction scheduled to begin in the second half of this year and the airport targeted to open in the second half of 2035.

The active participation of Daewoo E&C, the lead company in the Gadeokdo New Airport construction project, is significant in that it alleviates concerns about implementing a highly complex project and secures a stable foundation for carrying out the project.

Daewoo E&C stated that there are “no issues whatsoever in carrying out the construction,” expressing confidence in advancing the project. The company explained that even the highly complex construction involving soft ground and offshore reclamation can be adequately addressed through its accumulated technology and experience.

In particular, the company has demonstrated strong competitiveness in marine and port construction, ranking first in the civil engineering sector for the past two years and first in the port sector for the past three years in construction capability evaluations. Overseas, it carried out the Al-Faw Grand Port project in Iraq, gaining experience in ultra-soft ground reclamation and settlement management. Domestically, it has also constructed the Geoje–Gadeok subsea immersed tunnel, providing experience in offshore and soft ground construction near Gadeokdo.

In addition, Daewoo E&C is making thorough preparations for project commencement, including reviewing optimal construction methods for soft ground treatment in order to ensure stable execution of this large-scale national project.

Participation by regional companies in the Daewoo E&C Consortium has also expanded, which is expected to contribute to revitalizing the regional economy. Compared with the Hyundai Engineering & Construction Consortium, Busan companies’ equity share increased by 10.3 percentage points (from 8% to 18.3%), and the participation amount increased by KRW 1.1189 trillion (from KRW 842.4 billion to KRW 1.9613 trillion). Participation in this historically large-scale and technically demanding civil engineering project is also expected to help enhance the technological capabilities and competitiveness of the local construction industry.

Once land development construction begins in earnest, various business opportunities will be provided to regional specialty construction firms, equipment companies, and material suppliers. This is expected to further expand job creation and stimulate the regional economy.

Busan Metropolitan City plans to operate a task coordination council with related organizations—including the Ministry of Land, Infrastructure and Transport, the Gadeokdo New Airport Construction Authority, and construction companies—to review measures to shorten the construction period starting from the design stage in order to ensure the earliest possible opening of Gadeokdo New Airport.

Mayor Park Heong-joon stated, “We welcome the commencement of the basic design for the land development project by the Daewoo E&C Consortium. Gadeokdo New Airport is a key infrastructure project that will drive balanced national development and dramatically enhance the global competitiveness of Korea and Busan.” He added, “We will work closely with relevant organizations to ensure the project proceeds without setbacks and will do our utmost to build a safe and high-quality Gadeokdo New Airport that will serve as the gateway airport for the southern region.”