Press Release

Issued by Avjet Asia.

December 28, 2013

Avjet Corporation, a worldwide provider of large cabin private jet services, announced that Avjet Asia and Korea Airport Corporation (KAC) will open a fixed base operation (FBO) in Seoul, Korea. KAC announced that Avjet Asia has a multi-year contract to manage the FBO, which is scheduled to break ground in February 2014 and commence operations in October 2015.

Avjet Asia was one of the first private aviation companies to recognize the importance of forging aviation partnerships in Korea—home of Samsung, LG, Hyundai, SK Group and other multi-national corporations—as well as other Asian markets. Because each nation has its own unique market dynamics, business travel culture, and regulatory requirements, Avjet Asia relied on guidance from KAC and its leader, president Kim, during the development of plans for the new FBO.

“President Kim's insight, leadership and vision for the growth of the Korean corporate aviation market makes Avjet Asia proud to be the partner in this process,” said Avjet's chairman, Marc Foulkrod.

Over the past five years, the Asian Pacific region has shown strong double-digit growth in the aviation sector. China and surrounding countries are experiencing strong business growth, and a highly developed aviation infrastructure is proving to be a vital driver of this growth. However, business aviation in many areas in Asia is still underdeveloped.

“With this partnership between Korea Airport Corporation and Avjet Asia, the narrowing of the gap in aviation services development is being recognized as a stepping stone to boosting future growth in the region,” Foulkrod said.