It took nine years of construction work and over 4.6 billion dollars in investment.
In Friday's opening ceremony, President Moon praised the expansion of Korea's main gateway.
"Congratulations on the opening of Incheon Airport's second passenger terminal. Today, I witnessed the vigorous spirit of Incheon Airport as it soars into the world."
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The new terminal will play an important role in getting people to and from the PyeongChang Winter Olympics in just a few weeks.
In view of that, the South Korean President attended the ceremony along with the minister of transport and big-name Korean celebrities.
He emphasized that a country's airport is a measure of its national strength and level of international exchange.
He praised it for making real the concept of a smart airport by implementing cutting-edge IT technology, including artificial intelligence and automation, making the airport much more passenger-friendly.
President Moon also noted that with the new terminal, Incheon Airport can now accommodate more than 72 million travelers a year; with just the first terminal it was 54 million.
However, he warned against complacency and called for the airport to reach beyong Northeast Asia and become a global hub.
"We now have to prepare for the era when we will host 20 million foreign tourists. And with our per capita national income soon to top 30 thousand dollars, more Koreans will travel overseas. We aim to become an open trade country, so creating a logistical hub is a national task."
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President Moon pledged to support Incheon Airport's expansion so that it can accommodate about 100-million passengers a year by 2023.
And regarding the upcoming PyeongChang Winter Olympic Games, he urged the airport workers to give their warmest welcomes to the visiting athletes and tourists and to give their full attention to safety measures and anti-terrorism readiness.
The second passenger terminal is set to open to the public next Thursday.
Hwang Hojun, Arirang News.