Development Vision
- "Leap to advanced automobile industry center combined with leisure and sports"
- Total sports and leisure city experiencing youth, challenge and speed
- Revitializing local economy through automobile related industry and advanced industry
Project Overview
- Race Name: Formula One Korea Grand Prix
- Period: 2010 ~ 2016(7 years, extendable later)
- Location: in the tourism and leisure city development zone in southwest coast(Yeongam-gun Jeollanam-do)
- Main Facilities: Racing Circuit, pit, paddock, media center, etc
- Expected Benefit: 200,000 audiences per race, 257,9 billion KRW in increased annual production and 2,570 new jobs per year
Expected Effect
Procedure and Schedule
| Procedure | Schedule |
|---|---|
| Establish F1 Race Operation Corporation(KAVO) | September 2006 |
| Official announcement of bidding for F1 Grand Prix and signing ceremony | October 2006 |
| Enactment of the F1 Race Support Law and establishment of an organization committee | 2009 |
| F1 Circuit and supporting facilities | July 2007 ~ June 2010 |
| Hold F1 race for the first time in Korea | October 2010(scheduled) |
