Incheon wins Montenegro airports concession tender amid controversy

A South Korean consortium led by Incheon International Airport Corporation (IIAC) is on the brink of securing a thirty-year concession to operate Montenegro’s two commercial airports, following a tender marred by delays and allegations of corruption. However, the process remains far from concluded, with runner-up Corporacion America Airports (CAAP) expected to challenge the outcome. IIAC initially failed to meet the minimum technical threshold during the evaluation phase, but its score rose significantly after a reassessment. CAAP’s score also changed notably during the review. In June, three key members of the Tender Commission resigned, citing “possible irregularities, undue influence… and unequal treatment of bidders”. A mandatory fifteen-day appeals period is now underway, followed by a thirty-day review process, likely postponing any final decision until September.

The thirty-year concession agreement will encompass the operation and upgrade of Podgorica and Tivat airports, representing Montenegro’s largest public–private partnership (PPP) to date. Once the tender results are formally confirmed, it will also mark South Korea’s first significant infrastructure investment in the Western Balkans. According to the Montenegrin Transport Ministry, the winning bid includes a 100-million-euro upfront payment and 200 million euros in committed investments. The total value of the concession is estimated at 500 million euros, with the South Korean consortium also committing to annual performance-based royalty payments.

Montenegro’s Transport Minister, Maja Vukićević, stated that the bidding process was rigorous and aligned with the country’s long-term development goals. “This partnership will ensure Montenegro’s airports are modern, efficient, and capable of meeting future demand,” the Minister said. South Korean President Yoon Suk-yeol hailed the tender outcome as a “milestone in regional partnership,” highlighting it as a reflection of deepening bilateral cooperation in strategic infrastructure sectors. The Korean-led consortium includes GS E&C, LX Pantos and Korea Airport Corporation, alongside lead partner Incheon International Airport Corporation, which said it plans to implement “smart aviation systems, green technologies, and integrated safety models” drawn from South Korea’s domestic experience at Montenegro’s two main airports.