South Korea launches new policy to boost aviation industry - CAT

South Korea launches new policy to boost aviation industry

South Korea

Amid slowing travel demand, South Korea is bringing in new measures to boost competitiveness in the aviation industry.

The Ministry of Land, Infrastructure, and Transport (MOLIT) measures include expanding slots at Seoul Incheon International Airport to allow up to 70 aircraft movements per hour. This would support transfer tourism and aid night operations.

It also plans to introduce guarantees for financing aircraft and will reduce airport fees. MOLIT will also support initiatives to promote innovation and deregulation.

The suspension of flights to Japan following a trade and diplomatic crisis has been blamed for the industry’s struggles. A weakening local currency, airline safety concerns and congested local market have also been mentioned by South Korean media.

“We badly need to attract inbound travellers, as outbound demand has nearly reached a saturation point due to a decline in population, an ageing population, and slowing growth,” a ministry official told the Yonhap News Agency.

MOLIT will host the 2020 Asian Aviation Education and Training Symposium in Seoul, South Korea on 18-19 June. Presentations which explore new ideas and developments in aviation training will be welcomed and considered.