SEPTEMBER 18, 2009
Korea gets political green light
The Korean National Assembly has passed the F1 Supporting Act, which will provide government support for the Korean Grand Prix and is seen as a critical milestone for the development of automobile culture in South Korea. As a result the preparations for a Korean GP can no go ahead. The race is being promoted by the Korea Auto Valley Operation, Co Ltd, with support from South Jeolla Province. The vote passed with 207 of the 224 delegates in agreement. The F1 Act publicly acknowledges the economic importance of the event and its likely impact on the local economy. It also provides funding for the construction work, and to support the promoter and deregulates some of the restrictions that had slowed down the progress.
"With the passing of the F1 Act and the construction of the circuit well above its progression rate, the dream of having an international motor sport circuit has become a reality for the motor sports community," said Young-Cho Chung, the chief executive of KAVO. "By maintaining strong cooperative relationships with the central government and with the support on a national level we will do our best to make the 2010 F1 Korean Grand Prix an event of unprecedented success".
This means that the Korean GP must be fitted into the 2010 calendar as a contract is in place.
KAVO involves seven public-private entities including the South Jeolla Province, the South Jeolla Development Corp, SK Construction Co., the Shinhan Bank, Farmers Cooperatives, the Kwangju Bank and MBH.