Airplanes of Korean Air and Asiana Airlines are seen at Incheon International Airport, Dec. 1, 2020. Yonhap

The chief of Korean Air, Korea's largest air carrier, on Tuesday vowed to complete the airline's proposed acquisition of domestic rival Asiana Airlines in 2024.

In a New Year's message to employees, Korean Air Chairman and CEO Cho Won-tae said the company "will complete the acquisition of Asiana Airlines in 2024," while noting that the process "has taken much longer than expected."

The CEO, also known as Walter Cho, stressed that the integration of the airlines, currently under review by overseas antitrust regulatory authorities, will serve as a tremendous growth engine for Korean Air.

"The merger will optimize our network and allow us to operate at new destinations, so that we may offer customers more choices," Cho said.

So far, 11 countries, including Britain, Australia and Singapore, have approved the 1.8 trillion-won ($1.4 billion) merger deal announced in 2020, but the airlines have yet to receive approval from three key markets: the European Union, the United States and Japan.

For the merger to be finalized, Korean Air must win approval from competition regulators in key markets.

In his message, Cho also anticipated sustained geopolitical risks, global supply chain disruptions, economic slowdowns and prolonged inflation to persist through 2024.

Further, he expected intensified industry competition in regaining market share and a slowdown of the lucrative cargo business. (Yonhap)