日经特写：仁川机场上半年国际客流3839万居全球之首并推进“K-airports”运营技术出口，但主体未上市且无新增可交易催化

SEOUL -- Now the world's top hub for international travelers, South Korea's Incheon International Airport is looking to export its expertise in providing quality services worldwide.
During the January-June half, the airport's international passenger volume rose 6% on the year to 38.39 million, marking the first time Incheon has topped the list in this metric. The volume surpassed London's Heathrow Airport traffic at 37.79 million and Singapore's Changi Airport at 34.53 million.
When Incheon opened in 2001, the airport ranked around 10th in the world. But the hub, which serves South Korean capital Seoul, has steadily risen up the ranks during its quarter century in operation.
At the end of 2024, Incheon completed its fourth-phase expansion project, increasing its annual passenger capacity to 106 million people. Incheon is now the third-largest airport in the world in this category, following Hong Kong and Dubai.
Currently, 101 airlines operate flights from the airport to 183 cities in 53 countries and regions. The scale of the network surpasses major East Asian airports such as Hong Kong and Shanghai.
Incheon is focused on drawing transit passengers. One approach is adding more transit tours, where passengers temporarily enter South Korea to experience the local culture. The airport also provides enhanced accommodations, such as showers and lodging.
During the first half of this year, the number of transit passengers increased by 18% to 4.24 million. The growth stands at 63% for European routes. The operator of Incheon has found that the airport was chosen as a replacement for Middle Eastern airports that suspended operations following the outbreak of the U.S.-Iran conflict in February.
The Korean cultural boom fueled by BTS and other idol groups was also a tailwind for Incheon, with a growing number of tourists visiting from China and Japan. Foreigners accounted for 44% of the passengers in the April-June quarter, a record high.
Initially, there were doubts about Incheon because of its distance from Seoul's city center compared to Gimpo International Airport. But Incheon continued to invest in facilities and electronic systems, and has received high marks for service quality by Airports Council International.
The heavier traffic has generated more income for Incheon. Last year, standalone revenue for the airport grew 16% to 2.96 trillion won ($2.21 billion), while net profit jumped 44% to 694.3 billion won.
It was not always smooth sailing for Incheon. Due to the COVID-19 pandemic, the airport logged net losses for three years through 2022. Net profit as of 2025 has not recovered to the pre-pandemic level.
Incheon is developing new sources of revenue, focusing on the export of airport operations know-how. Since 2009, Incheon has landed 44 orders in 18 countries. The work has often involved consulting and operations.
In recent years, Incheon has expanded into investments in airport development and acquisition of operating concessions. In August, Incheon announced a deal to develop and operate the new Tashkent International Airport in Uzbekistan, due to open in 2031.
This project will be the largest in Incheon's history, with a total budget of 6.9 trillion won. It will entail a 35-year contract for the construction and operation of terminals and commercial facilities.
Kim Bum-ho, acting president of the operator Incheon International Airport Corp., said the company seeks to export "K-airports" to Central Asia, the Middle East and other parts of the world.
Incheon's infrastructure will be enhanced to boost the airport's earning capacity. A developer for a business jet-only terminal will be chosen this year. AI-powered robots will be added to provide customer service and offer heck-in locations. There are also plans for the airport to build its own data center.
In contrast to Incheon, many regional airports in South Korea operate at chronic losses. There are calls for integrated management between the airports, with Incheon getting involved in the operation of the smaller airports.