2010 was the year that saw Korea host its first ever Formula 1 motor race, with the first Korean F1 set to join this world wide sport. The arrival of the Korean F1 will see South Korea once again on the world stage, Spanish formula 1 grand prixwith Korea also having co-hosting the 2002 football World Cup.
The Korean F1 grand prix has a custom made race track which organizers say is proof of the desire of Korea to be involved with formula 1 racing – and the circuit in South Cholla province in South Korea provides the perfect backdrop for F1 in Korea. The Korean F1 track has been designed by Herman Tilke, with an estimated £140 million pounds spent to build the track. The formula 1 circuit in South Cholla is located in Yeongam in the South of Chollo (about 250 miles south of the capital of Korea, Seoul).
In recent years, South Korea has come from nowhere to become the 3rd biggest economy in Asia. Korea also is known worldwide for its involvement Formula one in Barcelonawith cars. Korean car companies such as Hyundai and Daewoo are huge exporters of cars worldwide and Korean people themselves, traditionally always embrace the opportunity to host worldwide sports events. South Korea has also held the Olympics and is seeking in the future to also hold the winter Olympics.
The Korean formula one agreement is a 7 year race deal, a deal setup by Bernie Ecclestone and the Korea Auto Valley Operation (KAVO) and the local Cholla-Namdo regional government. In the last 5 years the number of F1 races has increased and more races in Asia have been added to the formula one calendar with Malaysia, Korea and the possibility of India in the future.
More news on the Korean F1 will follow as more information becomes available. Watch this space.