Seoul, Jun 29 (IANS): South Korea will invest 807.7 billion won (US$624 million) to build a local airport by 2028, with an aim to start its operations the following year, the Country's transport ministry said Wednesday.

The government will build a 2,500-meter runway, an airport apron that can accommodate five planes, a passenger terminal, a cargo terminal and other related facilities in Saemangeum, a reclaimed area located about 280 kilometers southwest of Seoul, the Ministry of Land, Infrastructure and Transport said in a statement.

The Saemangeum airport, if completed, can handle up to 1.05 million passengers and 8,000 tons of cargoes a year in 2058, Yonhap news agency reported quoting the statement.

The Saemangeum airport project is part of the government's efforts to seek balanced growth across the country.

The government seeks to transform Saemangeum -- more than four times the size of Manhattan -- into an eco-friendly waterfront city with high-end industrial, tourism and agricultural facilities, as well as science and research institutes.