Service members board a boat on the western front-line island of Baengnyeong, Oct. 28. Yonhap

South Korea's finance ministry said Tuesday it has approved the feasibility study for the 201.8 billion-won ($159 million) project to build a small airport at the country's northernmost island of Baengnyeong.

South Korea has been seeking to build an airstrip on the island near the western sea border with North Korea for a 50-seat plane.

The airport ― which could be used for both civilian and military purposes ― will allow people from the island to travel to Gimpo International Airport in an hour, according to the Ministry of Economy and Finance.

Currently, a single-way trip from the island to Incheon, located west of Seoul, takes around four hours by vessels.

"Not only will the project ease difficulties in traveling for local residents, it will also improve (the island's) capabilities to cope with emergencies, eventually leading to better living conditions for them," the ministry said.

The airport will help Baengnyeong ― home to a key Marine Corps unit ― emerge as a new tourism hub in the Yellow Sea, it added.

The project will run from 2023 to 2029, the ministry added. (Yonhap)