South Korea’s growing low cost airlines will be facing new competition after it approved the business licenses of three new low-cost carriers.

The new airlines are Aero K, Fly Gangwon, and Air Premia, which will join the highly competitive low cost travel market of South Korea. While they have been granted their business licenses, they are required to apply for their AOCs within the year and start operations within two.

Aero K will operate its base from Cheongju, Fly Gangwon at Yangyang, Gangwon province, and Air Premia at Incheon Airport. While these airlines have plans for international flights, the new Korean LCCs will be required to operate domestic flights for two years before they get the approval for any international services.

South Korea currently has six low cost carriers based in the country: Jeju Air, Air Busan, Jin Air, T’way Air, Air Seoul, and Eaststar Jet. These carriers account for more than half of the domestic and international air traffic in the country.

Combined, Korean LCCs it dominates the aviation in Korea versus Asiana and Korean Air, both carriers have stake in some of the carriers. Korean is the parent company of Jin Air. Asiana owns Air Seoul and has a 46% stake in Air Busan.

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