Korea International Circuit On Track for Summer Completion (June 15, 2010, Seoul, South Korea) - Construction of the Korea International Circuit, set to host the 2010 FORMULA 1 KOREAN GRAND PRIX from October 22-24, is on schedule for completion...
Korea International Circuit On Track for Summer Completion
(June 15, 2010, Seoul, South Korea) - Construction of the Korea International Circuit, set to host the 2010 FORMULA 1 KOREAN GRAND PRIX from October 22-24, is on schedule for completion this summer. The final phase of the development, surfacing of the track, is set for July, and currently 80% of the total construction is complete.
The 2010 FORMULA 1 KOREAN GRAND PRIX is the latest addition to a string of major, international sporting events successfully hosted by the country, with the Seoul Olympics held there in 1988, and the World Cup in 2002. The event has the full backing of South Korea's Central Government, as well as the Government of South Jeolla Province, where the circuit is located, and its Governor Mr. Park Jun-yeong.
Korea Auto Valley Operation (KAVO), promoter for the country's inaugural Grand Prix, has been quick to dispel any speculation that recent political tension could in any way affect the event. Said KAVO Chief Executive Officer, Mr. Yung Cho Chung: "We are extremely pleased with the progress of the circuit, facilities, and preparations for the FORMULA 1 KOREAN GRAND PRIX. Construction is on schedule for completion this summer, and we have encountered no obstacles whatsoever, either logistical or political. The Government, at both the central and provincial level, is fully supportive of the project, and the entire country looks forward to welcoming Formula 1 to South Korea this autumn."
Economically, South Korea has made a strong recovery from the global financial crisis and continues to maintain its stability. Currently, it ranks 13th globally in terms of market capitalization and 8th by trading volume. In April this year, South Korea's government bond ratings were upgraded from A2 to A1 at Moody's Investors Service, which maintains a stable outlook.
The Korea International Circuit is designed as a dual structure: the 5.615km Formula 1 track, which will include elements of a street circuit and has a 1.2km straight, and a shorter, permanent circuit of 3.045km.
The state-of-the-art motorsport facility is the country's first motorsport to meet Federation Internationale de l'Automobile (FIA) Grade A standards.
The track was designed by the world-renowned Hermann Tilke, and incorporates local elements such as the roof of the main grandstand which resembles the eaves of traditional Korean 'hanok' houses. A total of 130,000 spectators will be accommodated at the circuit, with 16,000 seats in the main grandstand.
The addition of the 2010 FORMULA 1 KOREAN GRAND PRIX to the FIA Formula One World Championship calendar is expected to represent a watershed for development of the motorsports industry in Korea, as well as bring economic benefits to the area.