Sunday, December 26, 2021

Korea signs deal to part-finance Poland’s $8bn air and rail transport hub

 An intergovernmental agreement between South Korea and Poland is expected to improve Korean companies’ chances of winning work on an $8bn project to build Europe’s largest air hub, the Solidarity Transport Hub (STH).

The STH will consist of the New Central Polish Airport (CPK), a replacement for Warsaw's Frederic Chopin Airport, as well as railways, roads and new towns.

The Koreans will become a minority shareholder in the project and will raise part of the money for the construction costs.

Work will begin in 2023, and much of the project is due to be completed by 2027. Once complete, the airport is expected to handle up to 45 million passengers a year. Later phases will raise this to 100 million.

The Polish government’s plenipotentiary for the hub, Marcin Horała, said the agreement was “a big step” towards making the airport a joint investment between Poland and South Korea.

“Such a move will combine South Korean knowledge and experience with Polish ambition and potential. It is an unequivocal signal that the CPK is a well-thought-out, well-planned and promising investment,” - he siad.

The hub will include railway construction aimed at reducing the time needed to travel between Warsaw and the largest Polish cities in less than 2.5 hours. That amount of travel time will be further reduced with the construction of high-speed rail to major cities.