Privatization of Incheon International Airport is raising controversy as the Lee Myung-bak administration plans to sell a 49-percent stake in Incheon International Airport to foreign and domestic investors.

This move, announced by the Ministry of Land, Transport and Maritime Affairs (±¹ÅäÇؾçºÎ) in July 2008, came as part of a government-wide effort to advance hundreds of state-run enterprises.

The plan will take two steps. First, 15-percent stake will be listed on the local bourse by the end of this year. Then, the remaining 34 percent will be sold to multiple investors in 2011.

Government officials say that it is necessary to raise funds to make Korea¡¯s main gateway to the world more competitive and efficient. They also add that it will help the airport learn advanced operation and management know-how from some of the world¡¯s top-class airports to become a global hub airport.

The main opposition party, civic groups and the airport union oppose the privatization of Incheon International Airport, saying that the airport has and will continue to perform well even under the 100-percent ownership by the state.

Opponents point out that Incheon airport has emerged as one of the leading airports in the world, ranked in the top spot for service quality assessment from 2005 through 2009. They ask, ¡°Why should we sell shares of such a sound public firm that runs one of the nation¡¯s most crucial infrastructures to foreign hands?¡±

Opponents also fear that it will become more expensive for travelers and airport users as well as airlines to operate their flights when private businesses gain control of the airport¡¯s management.

Regarding this concern, government officials say there is no need to worry about since the government will continue to exercise management rights with a 51-percent majority stake.

Amid the growing controversy, civic groups and netizens are threatening that they will launch a campaign to stop the government¡¯s move to sell the airport if it pushes ahead with the move.

Additionally, the labor union of Incheon International Airport Corp. also says it will organize a nationwide campaign to help halt the sale since airports should be owned and operated by the government, not by private businesses.