Incheon International Airport Corp. has inked a 600 billion won ($503 million) deal to operate and develop Hang Nadim International Airport in Indonesia for 25 years starting next year, officials said Tuesday.

It is the first overseas airport operation and development project Incheon International Airport Corp. has undertaken, they added.

The deal was signed by Incheon International Airport Corp. and Batam Indonesia Free Zone Authority to operate and develop the Indonesian airport in Batam, Riau Islands, after a monthslong race against other airport operators such as Flughafen Zurich AG, French EGIS and India’s GMR.

The Batam Hang Nadim International Airport currently has one passenger terminal, one cargo terminal and one runway.

In 2019, it had 4.54 million passengers and transported 44,000 metric tons of cargo.

Incheon International Airport Corp., will be in charge of renewing the passenger terminal and building another passenger terminal in the Indonesian airport so it will eventually be able to accommodate 25 million passengers by 2040.

It will start running the airport on June 2022.

“We will do our best to successfully promote the Batam Hang Nadim International Airport project, the first overseas airport operation and development project of Korea,“ said Incheon Airport President Kim Kyung-wook. ”We will contribute to revitalizing the national economy through overseas exports of Korean airport platforms by expanding overseas businesses to Southeast Asia, Eastern Europe, the Middle East, and Central Asia.”