The fire broke out in the back of the cabin, officials said. All 176 people on board, including passengers and crew members, were evacuated, some with minor injuries.

Shares of Air Busan dropped on Friday, after a plane belonging to the budget carrier caught fire earlier this week.

South Korea is set to completely rebuild its aviation safety system after recent aviation accidents in the country.

The 10-week committee will include private sector experts and will look at issues including maintenance and aircraft utilization rates at budget airlines