Taipei, Sept. 19, 2012 (CENS)--Premier Sean Chen finalized the Taoyuan aviation city plan yesterday (Sept. 18) and listed it as a national flagship project, for which the government and the private sector will jointly invest NT$463 billion. After its completion, the project is estimated to create NT$2.3 trillion of economic benefit.
The project is scheduled for completion in 2030, when Taoyuan International Airport will be able to service 75 million passengers a year, compared with the estimated traffic of 50-60 million passengers. Then, the airport will become an air traffic hub for East Asia and an A-class international airport. The Executive Yuan (the Cabinet) has listed the project as a major guidepost project in its “program for boosting economic momentum” and Vice Premier Jiang Yi-huah will oversee the implementation of the project.
Mao Chih-kuo, minister of transportation and communications, expressed that Taoyuan aviation city project will boot the capacity and competitiveness of Taoyuan International Airport, bring prosperity to the economy of Taoyuan area, and induce the transformation of Taiwan, serving as an engine for Taiwan's economic development in the next 20-30 years.
Mao reported that the government will invest NT$336.6 billion in the aviation city project and the total investment for the project will top NT$463 billion, after taking into account private investments. The projected aviation city will span 3,200 hectares in space and will generate, after its completion, NT$2.3 trillion of economic benefit, NT$84 billion of taxation income, and 260,000 job vacancies.
Taoyuan aviation city project consists of two parts: the core “yolk” area and the peripheral “egg white” area. The “yolk” area includes the third airport terminal, the third runway, free-trade harbor area, and special airport area; the “egg white” area includes peripheral industrial area and residential area. The peripheral industrial area will focus on such businesses as warehousing, logistics, aviation-related industries, commerce, and convention and exhibition.
The third airport terminal will entail investment of NT$50 billion and will break ground on its construction in 2014 before the inauguration in 2018.
The free-trade harbor area will be expanded to 175 hectares in space and may be upgraded into a free-economy exemplary zone, pending the development of the situation, according to Mao.